Reg-FD and the competitiveness of all-star analysts

Mark Bagnoli, Susan G. Watts, Yong Zhang

Research output: Journal article publicationJournal articleAcademic researchpeer-review

31 Citations (Scopus)


We examine the impact of Regulation Fair Disclosure on the competitive advantage of All-Star analysts as measured by turnover in the rankings. Institutional Investor All-Americans, chosen by votes of institutional investors based on overall helpfulness, experienced a significant increase in turnover as Reg-FD was implemented. Non-US analysts and US analysts ranked solely on the basis of public stock recommendations did not. Within a few years, however, All-American turnover returned to pre-Reg-FD levels, suggesting that the new All-Americans built a competitive advantage stressing aspects of performance less dependent on privileged communication.
Original languageEnglish
Pages (from-to)295-316
Number of pages22
JournalJournal of Accounting and Public Policy
Issue number4
Publication statusPublished - 1 Jul 2008
Externally publishedYes


  • All-Star analysts
  • Competition
  • Regulation Fair Disclosure

ASJC Scopus subject areas

  • Accounting
  • Sociology and Political Science


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