“…It has been well documented that analysts invest in relationships with corporate management (e.g., Brochet, Miller, and Srinivasan [2014]). In addition to additional sources of income (e.g., because of organizing road shows or broker-hosted conferences on behalf of a firm), access to management is an important information source for analysts' research and affects their forecasting performance and career prospects (Mayew [2008], Brochet, Miller, and Srinivasan [2014], Green et al [2014a], Cen et al [2021], Cohen, Lou, and Malloy [2020]). Thus, to maintain good relationships with corporate management, analysts also have a potential incentive to share industry information and competitive information.…”