Distribution channels of analyst research: new evidence
研究了分析师研究数据的分销渠道，发现高成本渠道TR Research提供的盈利预测比主流I/B/E/S数据库更准确、偏差更小，且市场反应更大、信息不对称更低，表明付费渠道能获得更优质的研究。
Abstract The channels through which analyst research data are distributed are complex. The I/B/E/S database is the dominant source for analyst earnings estimates for academics, but there are numerous other channels, some of which are cost prohibitive for many investors. We describe the distribution of analyst research and examine whether a high-cost alternative distribution channel, TR Research, is characterized by higher quality estimates than those available from I/B/E/S. We examine analyst forecast accuracy, bias, and informativeness and find that TR Research estimates are more accurate and less biased than estimates exclusively distributed via I/B/E/S. We further find that TR Research estimates are associated with greater market reaction and lower information asymmetry, consistent with the higher quality of these estimates. Our study highlights differences in brokerage and analyst incentives regarding research distribution and documents a specific setting where a subset of investors pays for access to superior analyst research.