Financial analysts' bundling across firms: Target prices and stock recommendations
研究发现分析师在同一天为多家公司捆绑发布目标价和股票推荐，这种捆绑修订的信息含量低于单独修订，且不同输出间的一致性并不提高捆绑修订的信息量。
Abstract A rising trend is that analysts bundle earnings forecasts for multiple firms on the same day, and such forecast bundling is associated with low‐quality forecasts. We explore target price bundling and recommendation bundling. Factors driving bundling revisions of an output for multiple firms vary across three outputs: forecasts, target prices, and recommendations. Target price (recommendation) revisions bundled for firms are less informative than stand‐alone revisions. Although consistency in the direction of revisions between different outputs is typically associated with higher perceived quality, consistent revisions between outputs are not associated with higher informativeness of revisions bundled for multiple firms.