Analyst Information Acquisition and Communication
研究分析师与决策者之间的沟通博弈，分析公共信息如何影响分析师收集和传递信息的精确度，并探讨公共信息可能使决策者境况变差的条件。
ABSTRACT: We examine a communication game between an analyst and a decision-maker and investigate how the presence of public information affects the precision of the information the analyst gathers and communicates to the decision-maker. We characterize conditions under which public information causes the analyst to underinvest or overinvest in the information gathered relative to the case where analyst credibility is not an issue. We then discuss when the presence of public information causes the analyst to reduce the depth of coverage of the firm, suggesting that the introduction of public information can make the decision-maker strictly worse off.