SSRN-Disclosure Standards and Market Efficiency: Evidence from Analysts' Forecasts by Hui Tong

SSRN-Disclosure Standards and Market Efficiency: Evidence from Analysts' Forecasts by Hui Tong:Short version: increased transparency reduces need (and hence profitability) of analysts. Therefore following increased disclosure rules, the number of analysts falls. Overall the net effect of increased transparency rules is unclear.The author "examine[s] the effect of transparency by focusing on the