Article2016

Investor Demand for Sell-Side Research

Alastair Lawrence · James P. Ryans · Estelle Yuan Sun

53 citations0/0 files storedThe Accounting Review

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Financial Markets and Investment Strategies Auditing, Earnings Management, Governance Financial Analysis and Corporate Governance

Abstract

ABSTRACT We use daily page views of analyst estimates, ratings, and target prices on Yahoo Finance to understand when users seek sell-side analyst research. Demand for this information is most pronounced on days with earnings announcements, management guidance, and All-Star analyst reports. Surprisingly, demand does not increase at Form 10-K and Form 10-Q filings. While the overall demand for analyst estimates is 19.9 percent less than for analyst ratings and target prices, on earnings announcement and management guidance days, this preference is reversed. Moreover, the demand for analyst information substantially trumps that of SEC filings and financial statement information. JEL Classifications: M41; G14; G24.

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References

1987A Simple Model of Capital Market Equilibrium with Incomplete Information 2007Giving Content to Investor Sentiment: The Role of Media in the Stock Market 2007All That Glitters: The Effect of Attention and News on the Buying Behavior of Individual and Institutional Investors 1988Herd Behavior and Investment 1996Corporate Disclosure Policy and Analyst Behavior.2010The financial reporting environment: Review of the recent literature 2004Is All That Talk Just Noise? The Information Content of Internet Stock Message Boards 1996Do Brokerage Analysts' Recommendations Have Investment Value?

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