01550nam a22001937a 4500008004100000022001400041245026500055260004000320300001800360440004600378500077200424690003101196690002701227690002201254690002901276690002001305942001201325999001901337190311b        xxu||||| |||| 00| 0 eng d  a0304-405X  aDeterminants and consequences of information processing delay: Evidence from the Thomson Reuters Institutional Brokers’ Estimate System / by Ferhat Akbas, Stanimir Markov, Musa Subasi, Eric Weisbrod cFerhat Akbas, Stanimir Markov, Musa Subasi, Eric Weisbrod  aAmsterdambElsevier cFebruary 2018  aPages 366-388  aJournal of Financial Economicsx0304-405X  aAbstract
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.  aInformation intermediaries  aInformation processing  aLimited attention  aInformation distribution  aPrice discovery  2lcccSE  c361339d361339