The Interpretation of Unanticipated News Arrival and Analysts’ Skill
研究将分析师职能分为发现和解读，通过分析师对未预期8-K报告的预测修正来衡量其解读技能，发现更倾向修正的分析师预测更及时准确，且市场更认可其建议。
Analysts’ functions are divided into discovery and interpretation roles, but distinguishing between the two is nontrivial. We conjecture that analysts’ interpretation skill can be gauged by their forecast revisions following material unanticipated news, in particular, following nonearnings 8-K reports, which arrive at the market unexpectedly. We establish that unanticipated 8-Ks are informative for analysts and find that analysts who are more likely to revise their forecasts following unanticipated 8-Ks provide more timely and accurate forecasts. We document a positive association between analysts’ tendency to react to unanticipated 8-Ks and market reaction to their recommendation changes, suggesting investors prefer these analysts’ opinions.