Investor Demand for Sell-Side Research
57 Pages Posted: 11 Nov 2012 Last revised: 30 Mar 2017
Date Written: June 15, 2016
We use daily page views of analyst estimates, ratings, and target prices on Yahoo Finance to understand when such 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.
Keywords: Analyst demand; financial reporting events; analyst ability; retail investors
JEL Classification: M41, G14, G24
Suggested Citation: Suggested Citation
Do you have a job opening that you would like to promote on SSRN?
Can Investors Profit from the Prophets? Consensus Analyst Recommendations and Stock Returns
By Brad M. Barber, Reuven Lehavy, ...
Security Analysts' Career Concerns and Herding of Earnings Forecasts
By Jeffrey D. Kubik, Amit Solomon, ...
The Relation between Analysts' Forecasts of Long-Term Earnings Growth and Stock Price Performance Following Equity Offerings
By Patricia Dechow, Amy P. Hutton, ...
Analyzing the Analysts: When Do Recommendations Add Value?
By Narasimhan Jegadeesh, Joonghyuk Kim, ...
Herding Among Investment Newsletters: Theory and Evidence
An Empirical Analysis of Analysts' Target Prices: Short Term Informativeness and Long Term Dynamics
By Alon Brav and Reuven Lehavy
How Do Analysts Use Their Earnings Forecasts in Generating Stock Recommendations?
Are Small Investors Naive About Incentives?
Are Investors Naive About Incentives?
Analyst Forecast Revisions and Market Price Formation