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Hardening Soft Information: Evidence on Analyst Integration Costs
62f1568t0168t50artificial-intelligencecomputation-and-languageeconomicsgeneral-economicsgeneral-finance
We examine how the cost of transforming qualitative information into precise numerical estimates--a form of integration cost--creates a structural friction in expectations formation. To isolate this integration cost from the costs of information awareness and acquisition, we exploit sell-side analys
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