01551nam a22001937a 4500 190311b xxu||||| |||| 00| 0 eng d 0304-405X Determinants and consequences of information processing delay: Evidence from the Thomson Reuters Institutional Brokers’ Estimate System / by Ferhat Akbas, Stanimir Markov, Musa Subasi, Eric Weisbrod Ferhat Akbas, Stanimir Markov, Musa Subasi, Eric Weisbrod Amsterdam Elsevier February 2018 Pages 366-388 Journal of Financial Economics 0304-405X Abstract We present new evidence that highlights the role of information intermediaries in the distribution and processing of earnings estimates in capital markets. We find that the time taken to activate an analyst's earnings forecast in the Thomson Reuters Institutional Brokers’ Estimate System is related to measures of investor demand for timely information processing, processing difficulty, and limited attention. Furthermore, we find that forecast announcement returns are muted and post-announcement drift is magnified for forecasts with longer unexpected activation delay and that market inefficiency is concentrated in neglected stocks and potentially exploitable. Finally, analyzing intraday returns, we find that activations facilitate price discovery. Information intermediaries Information processing Limited attention Information distribution Price discovery lcc SE 361339 361339