Investor Demand for Sell-Side Research
通过雅虎财经的页面浏览量数据，发现投资者在财报发布和管理层指引日对分析师预测、评级和目标价的需求最高，且对分析师信息的需求远超SEC文件和财务报表信息。
ABSTRACT We use daily page views of analyst estimates, ratings, and target prices on Yahoo Finance to understand when users seek sell-side analyst research. Demand for this information is most pronounced on days with earnings announcements, management guidance, and All-Star analyst reports. Surprisingly, demand does not increase at Form 10-K and Form 10-Q filings. While the overall demand for analyst estimates is 19.9 percent less than for analyst ratings and target prices, on earnings announcement and management guidance days, this preference is reversed. Moreover, the demand for analyst information substantially trumps that of SEC filings and financial statement information. JEL Classifications: M41; G14; G24.