Essays on Financial Analysts.

Summary Financial analysts play an important role in the financial markets. Through the publication of analytical reports, they facilitate the incorporation of costly private information into security prices, promoting the informational efficiency of financial markets. Thus, understanding analysts' behavior has important implications for firms, investors, and regulators. Despite decades of research on this topic, many open questions remain regarding the information produced by financial analysts and how these reports are influenced by their work environment.In this thesis, we attempt to contribute to the literature on analyst behavior and its effects on financial markets by addressing several new research questions. The first two papers in this thesis attempt to better understand the incentives behind the well-known analyst bias and identify new sources of bias. The third paper analyzes corporate governance and the role of financial analysts in reducing information asymmetry.