Analyst Responsiveness and the Post-Earnings-Announcement Drift

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Information interpretation or information discovery: which role of analysts do investors value more? (2012, unknown): “…could interpret the public information on their own, prior research has consistently documented that investors’ response to corporate public disclosures are inefficient (for example, Ball and Brown 1968) and that analysts’ forecasts help mitigate market inefficiency (Hong et al. 2000; Zhang 2008).”
Limited Investor Attention and Stock Market Misreactions to Accounting Information (2011, background): “A further reason why an investor with limited attention would actively trade as a contrarian to earnings news is that analysts, on average, do not fully adjust their earnings forecasts in response to earnings announcements (e.g., Abarbanell and Bernard 1992; Zhang 2008).”