000			01551nam a22001937a 4500
008			190311b xxu||||| |||| 00| 0 eng d
022			_a0304-405X
245			_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
260			_aAmsterdam _bElsevier _cFebruary 2018
300			_aPages 366-388
440			_aJournal of Financial Economics _x0304-405X
500			_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.
690			_aInformation intermediaries
690			_aInformation processing
690			_aLimited attention
690			_aInformation distribution
690			_aPrice discovery
942			_2lcc _cSE
999			_c361339 _d361339