Analyst Information Acquisition via EDGAR
通过追踪EDGAR服务器活动与分析师所属经纪公司的关联，发现分析师在24%的盈利预测更新中依赖EDGAR，平均查看8份文件；获取公共信息能显著降低预测误差，并带来持续的超额回报。
We identify analysts’ information acquisition patterns by linking EDGAR (Electronic Data Gathering, Analysis, and Retrieval) server activity to analysts’ brokerage houses. Analysts rely on EDGAR in 24% of their estimate updates with an average of eight filings viewed. We document that analysts’ attention to public information is driven by the demand for information and the analysts’ incentives and career concerns. We find that information acquisition via EDGAR is associated with a significant reduction in analysts’ forecasting error relative to their peers. This relationship is likewise present when we focus on the intensity of analyst research. Attention to public information further enables analysts to provide forecasts for more time periods and more financial metrics. Informed recommendation updates are associated with substantial and persistent abnormal returns, even when the analyst accesses historical filings. Analysts’ use of EDGAR is associated with longer and more informative analysis within recommendation reports. This paper was accepted by Shiva Rajgopal, accounting.