Information and Diversity of Analyst Opinion
研究用分析师意见分歧作为估计风险代理变量的可靠性，发现分歧增加不一定意味着私人信息减少，且可能高估估计风险，实证结果与结论一致。
This paper examines problems in the use of divergence of analyst opinion as a proxy for estimation risk in empirical studies of security returns and asset pricing models. We demonstrate that diversity of opinion can increase even though the amount of private information increases, and we show that diversity of opinion may overstate estimation risk if the capital market aggregates the information held by investors. We produce empirical results consistent with our conclusions. Specifically, we find that divergence of opinion can produce measures of estimation risk that are inconsistent with a received proxy for estimation risk and with observed common stock returns.