.../methodology/approach We systematically and independently use diligence (probability of analyst’s reliance on non-public information), objectivity (probability that an analyst’s forecast equals its best estimate), quality (exponent of negative of standard deviation of residuals of the analyst forecast...

...Rajeev R. Bhattacharya; Mahendra R. Gupta Purpose The authors provide a general framework of behavior under asymmetric information and develop indices of diligence, objectivity and quality by an analyst and analyst firm about a studied firm, and relate them to the accuracy of its forecasts...