Publication Type

Journal Article

Version

publishedVersion

Publication Date

9-2026

Abstract

This study examines how a reduction in analysts’ visibility, resulting from brokerages’ switch to anonymous forecasts on Eikon, affects earnings forecast quality. Using a difference-in-differences design, we find that treatment analysts respond by issuing more accurate forecasts in the post-anonymization period. Treatment analysts who improve forecast quality the most can sustain visibility, as reflected in their coverage by the financial media, enhance their likelihood of being voted as star analysts, and induce greater client trading. These results are consistent with analysts’ incentives to offset the reduced visibility so as to advance their careers and increase trading commissions for their brokerages. We further show that treatment analysts use a set of visibility-enhancing strategies, including issuing broader and more frequent forecasts and setting bolder target prices. Our findings suggest that reduced visibility can prompt analysts to respond strategically in ways that can improve information quality.

Keywords

Analyst earnings forecast, Analyst reputation, Analyst visibility, Anonymous forecasts, MiFID II

Discipline

Accounting | Corporate Finance

Research Areas

Corporate Governance, Auditing and Risk Management

Publication

Review of Accounting Studies

First Page

1

Last Page

35

ISSN

1380-6653

Identifier

10.1007/s11142-026-09981-0

Publisher

Springer

Copyright Owner and License

Authors-CC-BY

Creative Commons License

Creative Commons Attribution 3.0 License
This work is licensed under a Creative Commons Attribution 3.0 License.

Additional URL

https://doi.org/10.1007/s11142-026-09981-0

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