Cross-Sectional Determinants of Analyst Ratings of Corporate Disclosures
研究分析师对企业披露实践评价的横截面差异，发现评价随公司规模和业绩（基于盈利和回报变量）上升，随盈利与回报相关性下降，且对当前或未来发行证券的公司更高。
In this paper we examine cross-sectional variation in analysts' published evaluations of firms' disclosure practices and provide evidence that the analysts' ratings are increasing in firm size and in firm performance as measured by earnings and return variables, decreasing in the correlation between earnings and returns, and higher for firms issuing securities in the current or future period. Results based on the volatility of past performance are mixed. While the SEC's mandatory disclosure requirements provide a basic framework and minimum standard for many financial disclosures, considerable latitude remains in determining what information is actually provided. Some firms' annual and quarterly reports go well beyond the required disclosures, while others are extremely stark. Less formal communication channels, such as press releases and direct contact with analysts, allow even more discretion. This wide range of disclosure alternatives is aggregated by analysts in the Reports of the Financial Analysts