Analyst Information Acquisition and Communication

2010 ◽  
Vol 85 (6) ◽  
pp. 1985-2009 ◽  
Author(s):  
Paul E. Fischer ◽  
Phillip C. Stocken
Keyword(s):  
Decision Maker ◽  
Information Acquisition ◽  
Public Information

ABSTRACT: We examine a communication game between an analyst and a decision-maker and investigate how the presence of public information affects the precision of the information the analyst gathers and communicates to the decision-maker. We characterize conditions under which public information causes the analyst to underinvest or overinvest in the information gathered relative to the case where analyst credibility is not an issue. We then discuss when the presence of public information causes the analyst to reduce the depth of coverage of the firm, suggesting that the introduction of public information can make the decision-maker strictly worse off.

scholarly journals The Study of a Mathematical Model in Information Acquisition and Disclosure

2015 ◽  
Vol 2015 ◽  
pp. 1-8
Author(s):  
Ce Huang
Keyword(s):  
Mathematical Model ◽  
Decision Maker ◽  
Information Acquisition ◽  
Disclosure Strategy ◽  
Withholding Information

A mathematical model involving a decision maker and an expert is investigated. Through analyzing the model, we obtain several results on the expert’s information acquisition and disclosure strategy. When withholding information is costly to the expert, in equilibrium, an expert with a higher withholding cost acquires less information but discloses more acquired information. We also examine which expert is optimal to the decision maker among a group of experts with different costs of withholding information.

Why Do IPO Offer Prices Only Partially Adjust?

2014 ◽  
Vol 04 (03) ◽  
pp. 1450009 ◽  
Author(s):  
Özgür Ş. İnce
Keyword(s):  
Initial Public Offering ◽  
Private Information ◽  
Information Acquisition ◽  
Structural Model ◽  
Public Information ◽  
Public And Private ◽  
New Information ◽  
Pricing Process ◽  
Ipo Pricing ◽  
Public Offering

This study develops a structural model of the initial public offering (IPO) pricing process that enables the estimation of adjustment rates for public and private pricing information gathered during bookbuilding. The estimated upward adjustment rate of public information is only 21%, significantly less than the 28% rate of private information. Adjustment rates decline towards the IPO date, especially for upward adjustments. The findings contradict information acquisition theories that predict a complete adjustment to public information and highlight the inefficiency of the IPO bookbuilding mechanism in handling new information even when information is publicly available and especially when it is favorable.

scholarly journals Foraging zebra finches ( Taeniopygia guttata ) are public information users rather than conformists

2021 ◽  
Vol 17 (6) ◽  
pp. 20200767
Author(s):  
Edwin J. C. van Leeuwen ◽  
Thomas J. H. Morgan ◽  
Katharina Riebel
Keyword(s):  
Social Learning ◽  
Information Acquisition ◽  
Public Information ◽  
Taeniopygia Guttata ◽  
Food Sources ◽  
Zebra Finches ◽  
Foraging Activity ◽  
Novel Food ◽  
Black And White ◽  
Evolutionary Origins

Social learning enables adaptive information acquisition provided that it is not random but selective. To understand species typical decision-making and to trace the evolutionary origins of social learning, the heuristics social learners use need to be identified. Here, we experimentally tested the nature of majority influence in the zebra finch. Subjects simultaneously observed two demonstrator groups differing in relative and absolute numbers (ratios 1 : 2/2 : 4/3 : 3/1 : 5) foraging from two novel food sources (black and white feeders). We find that demonstrator groups influenced observers' feeder choices (social learning), but that zebra finches did not copy the majority of individuals. Instead, observers were influenced by the foraging activity (pecks) of the demonstrators and in an anti-conformist fashion. These results indicate that zebra finches are not conformist, but are public information users.

No decision-maker is an Island: integrating expert advice with information acquisition

2006 ◽  
Vol 19 (1) ◽  
pp. 43-60 ◽  
Author(s):  
Gunnar E. Schrah ◽  
Reeshad S. Dalal ◽  
Janet A. Sniezek
Keyword(s):  
Decision Maker ◽  
Information Acquisition ◽  
Expert Advice

scholarly journals Bias and Negligence with Freedom of Information

2019 ◽  
Vol 129 (624) ◽  
pp. 2979-2998
Author(s):  
Rossella Argenziano ◽  
Helen Weeds
Keyword(s):  
Decision Making ◽  
Decision Maker ◽  
Information Acquisition ◽  
Freedom Of Information ◽  
Policy Action ◽  
Costly Information ◽  
The Cost

Abstract We analyse decision-making in the presence of Freedom of Information (FOI) rules. A decision-maker chooses whether to acquire costly information to inform his decision regarding a policy action. If information is not disclosed voluntarily a monitor may open a costly investigation, using FOI to access the information. A finding of biased decision-making or negligence in information acquisition generates a reward to the monitor and a penalty to the decision-maker. We find that strengthening FOI to reduce the cost of investigation may increase negligence without necessarily reducing bias. Moreover, increasing the reward for discovering negligence can paradoxically increase negligence in equilibrium.

scholarly journals Strategic Information Acquisition and Transmission

2016 ◽  
Vol 8 (3) ◽  
pp. 119-155 ◽  
Author(s):  
Rossella Argenziano ◽  
Sergei Severinov ◽  
Francesco Squintani
Keyword(s):  
Decision Making ◽  
Decision Maker ◽  
Information Acquisition ◽  
Organization Design ◽  
Strategic Communication ◽  
Strategic Information ◽  
Costly Information ◽  
Design Communication

This paper explores the implications of costly information acquisition in a strategic communication setting. We show that equilibrium decisions based on a biased expert's advice may be more precise than when information is directly acquired by the decision maker, even if the expert is not more efficient than the decision maker at acquiring information. This result bears important implications for organization design. Communication by an expert to a decision maker may often outperform delegation of the decision-making authority to the expert, as well as centralization by the decision maker of both information acquisition and decision-making authority. (JEL C72, D23, D82, D83)

Analyst Information Acquisition via EDGAR

2020 ◽  
Author(s):  
Brian Gibbons ◽  
Peter Iliev ◽  
Jonathan Kalodimos
Keyword(s):  
Information Acquisition ◽  
Data Gathering ◽  
Abnormal Returns ◽  
Public Information ◽  
Career Concerns ◽  
Electronic Data ◽  
Research Attention ◽  
Forecasting Error ◽  
Financial Metrics ◽  
Time Periods

We identify analysts’ information acquisition patterns by linking EDGAR (Electronic Data Gathering, Analysis, and Retrieval) server activity to analysts’ brokerage houses. Analysts rely on EDGAR in 24% of their estimate updates with an average of eight filings viewed. We document that analysts’ attention to public information is driven by the demand for information and the analysts’ incentives and career concerns. We find that information acquisition via EDGAR is associated with a significant reduction in analysts’ forecasting error relative to their peers. This relationship is likewise present when we focus on the intensity of analyst research. Attention to public information further enables analysts to provide forecasts for more time periods and more financial metrics. Informed recommendation updates are associated with substantial and persistent abnormal returns, even when the analyst accesses historical filings. Analysts’ use of EDGAR is associated with longer and more informative analysis within recommendation reports. This paper was Accepted by Shiva Rajgopal, accounting.

scholarly journals The Role of Libraries in Community Empowerment: A Systematic Review

2021 ◽  
pp. 1-16
Author(s):  
Christian Mubofu ◽  
Henry Mambo
Keyword(s):  
Information Acquisition ◽  
Public Information ◽  
Relevant Information ◽  
Community Empowerment ◽  
Google Scholar ◽  
Learning Support ◽  
Sources Of Information ◽  
Building Capacity ◽  
Library Staff

Problem Statement: Libraries as public information agencies act as catalysts that provide reliable information that empowers people in making the right decision in terms of development plans put forward by various sectors. However, studies on how and where the society, access, and the use of relevant information that empower them to contribute positively in these sectors are inadequately reported in scholarly literatures. Purpose: This study in particular reports the role of libraries in community empowerment and the challenges faced by libraries in the dissemination of information for community empowerment. Method: This study is a scoping and a literature review of the role of libraries in  community empowerment. The study adopted Arksey and O’ Malley framework. Google scholar, JSTOR, Ebscohost, Emerald insight, fullfreepdf, Eric, Research4life databases, and Taylor & Francis were used as the main sources of information. Results: The result revealed that libraries provide free internet access and information resources. Libraries also act as information acquisition centre,   community empowerment programs as well as a centre for building capacity, and learning support. The study also revealed that job dissatisfaction among library staff, inadequate facilities, lack of commitment, lack of teamwork and poor relationships among staff, insufficient knowledge and skills among library staff are some of the challenges libraries have to face as an effective provision of information services. Conclusion: The study concludes that there are countless and well established role of libraries in community empowerment in various sectors like education, health, agriculture and technology. Libraries are the main centre for information that contributes greatly to community empowerment through building capacity and learning support.  Keywords: Libraries; Empowerment; Community Empowerment; Role of Libraries    Abstrak Latar Belakang: Perpustakaan sebagai pusat informasi publik berperan sebagai katalisator yang menyediakan informasi terpercaya yang memberdayakan masyarakat untuk membuat keputusan tepat dalam hal rencana pengembangan yang dikemukakan oleh berbagai sektor. Namun, penelitian tentang bagaimana dan dimana masyarakat, akses, dan kegunaan informasi relevan yang membuat mereka berkontribusi secara baik pada sektor-sektor ini jarang sekali dilaporkan dalam literatur ilmiah. Tujuan: Penelitian ini secara khusus melaporkan peran perpustakaan dalam pemberdayaan masyarakat dan tantangan yang dihadapi perpustakaan dalam penyebaran informasi pemberdayaan masyarakat. Metode: Penelitian ini menggunakan metode scoping dan tinjauan literatur tentang peran perpustakaan dalam pemberdayaan masyarakat. Studi ini mengadopsi kerangka kerja dari Arksey dan O' Malley dengan sumber informasi menggunakan database GOOGLE SCholar, JSTOR, Ebscohost, Emerald insight, Fullfreepdf, Eric, Research4life, dan Taylor & Francis. Hasil: Hasil dari penelitian ini mengungkapkan bahwa perpustakaan menyediakan akses internet gratis dan menjadi sumber informasi. Perpustakaan juga bertindak sebagai pusat perolehan informasi, program pemberdayaan masyarakat serta pusat untuk membangun kapasitas, dan dukungan pembelajaran. Penelitian ini juga mengungkapkan bahwa adanya ketidakpuasan pekerjaan di antara staf perpustakaan, fasilitas yang tidak memadai, kurangnya komitmen, kurangnya kerja tim yang baik dan hubungan yang buruk antar staf, pengetahuan dan keterampilan yang tidak memadai di antara staf perpustakaan adalah beberapa tantangan yang harus dihadapi perpustakaan sebagai penyediaan layanan informasi yang efektif. Kesimpulan: Penelitian ini menyimpulkan bahwa perpustakaan berperan sangat baik dalam pemberdayaan masyarakat di berbagai sektor seperti pendidikan, kesehatan, pertanian dan teknologi. Perpustakaan juga merupakan pusat distribusi informasi yang berkontribusi terhadap pemberdayaan masyarakat melalui peningkatan kapasitas dan dukungan pembelajaran. Keywords: Perpustakaan; Pemberdayaan Masyarakat; Peran Perpustakaan

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