Analyst Report Readability and Stock Returns
研究发现分析师报告的可读性越高，股票市场反应越正面，因为可读性降低了未来业绩的不确定性；这种效应在信息不对称严重的企业中更显著。
Abstract This study investigates the market's response to analyst report readability. We posit that readable reports decrease uncertainty of earnings expectations and by extension increase stock prices. Our results show that the equity market reacts more positively to readable reports and that this positive reaction is attributable to a reduction in uncertainty of future performance. Moreover, we find that the effect of readability on stock prices is significantly positive only for firms with greater R&D spending, higher bid‐ask spreads, a greater proportion of uninformed investors, and more experienced analysts, which suggests that readability matters only when information asymmetry in the equity market is high.