Anonymous Equity Research

Crowdsourced financial information platforms often allow content contributors to publish equity research anonymously. This study examines whether investors value or discount in anonymous research. In the short window around releases, we find that investors’ stock price reaction is muted comparison nonanonymous Consistent with credibility concerns influencing investor response, document this dissipates as monitoring of intensifies and authors develop a reputation for high-quality reporting. addition, perform analysis on reports market robust controlling textual attributes content, further supporting our inference are concerned about