01507nas a2200145   4500008004100000245004600041210004600087260001800133520105600151653001201207100001901219700001701238700002401255856008201279       2020                        eng d00aAnalyst Information Acquisition via EDGAR0 aAnalyst Information Acquisition via EDGAR  aINFORMSc20203 aWe 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.10aFinance1 aGibbons, Brian1 aIliev, Peter1 aKalodimos, Jonathan  u/biblio/analyst-information-acquisition-edgar