Revision Of Recommendations Research Articles

The Impact of Analyst, CEO, and Firm Reputations on Investors in the UK and Japanese Stock Markets

AbstractWe examine the importance of multiple agents’ reputations on the market's reaction to analysts’ stock recommendation revisions (analyst revisions), individually and interactively, in the UK and Japanese stock markets. We find some notable variations in reputation effects between the two markets. In the UK, analyst reputation amplifies the market's reaction to analyst revisions, while in Japan, analyst reputation has no significant impact. Firm reputation diminishes (amplifies) the market's reaction to analyst revisions in the UK (Japan). Only CEO reputation generates similar effects in the UK and Japan, dampening the market's reaction to analyst revisions. We also find that reputations interact in different ways in the two markets. Specifically, firm reputation and CEO reputation tend to moderate the positive effect of analyst reputation in the UK; however, in Japan, CEO reputation tends to moderate the positive effect of firm reputation, but there is no significant interaction effect between analyst reputation and CEO/firm reputation. Our findings are explained using insights both from formal economic models and from various cultural and institutional characteristics.

Thromboplastin calibration revisited to look for possible revision of the World Health Organization recommendations

BackgroundThromboplastin calibration is essential to determine the international sensitivity index required to calculate the international normalized ratio (INR). The procedure for calibration recommended by the World Health Organization (WHO) calls for the selection of patients on stable anticoagulation in the range of 1.5 to 4.5 INR. These patients are difficult to be recruited as the conventional therapeutic interval for warfarin is 2.0 to 3.0. A possible solution could be including patients with less intense anticoagulation in the calibration. ObjectivesWe sought to investigate the impact of this amended procedure on the parameters of calibration. MethodsEight data sets from previous calibrations of a rabbit thromboplastin that included patients on anticoagulation as required by WHO were used for this pilot study. Parameters of calibration as determined by the full data sets are identified as “full calibrations” and are considered reference. Each of the data sets were used to recalculate the calibration parameters after including patients with INRs of <4.0, <3.5, or <3.0, which were identified as “trimmed calibrations” and compared with those from the full calibrations. ResultsThere was marginal variation of the international sensitivity index, CV, and INR that can be hardly of practical significance. CV was the most affected parameter, which increased from the full to the trimmed <3.0 calibration, but never exceeded the 3% cutoff value recommended by WHO. ConclusionsShould the results of this pilot study be confirmed for the calibration of other thromboplastins, revision of the WHO recommendations to include patients with INR from 1.5 to 4.0 is warranted.

Recommendations for diagnosing and managing individuals with glutaric aciduria type 1: Third revision.

Glutaric aciduria type 1 is a rare inherited neurometabolic disorder of lysine metabolism caused by pathogenic gene variations in GCDH (cytogenic location: 19p13.13), resulting in deficiency of mitochondrial glutaryl-CoA dehydrogenase (GCDH) and, consequently, accumulation of glutaric acid, 3-hydroxyglutaric acid, glutaconic acid and glutarylcarnitine detectable by gas chromatography/mass spectrometry (organic acids) and tandem mass spectrometry (acylcarnitines). Depending on residual GCDH activity, biochemical high and low excreting phenotypes have been defined. Most untreated individuals present with acute onset of striatal damage before age 3 (to 6) years, precipitated by infectious diseases, fever or surgery, resulting in irreversible, mostly dystonic movement disorder with limited life expectancy. In some patients, striatal damage develops insidiously. In recent years, the clinical phenotype has been extended by the finding of extrastriatal abnormalities and cognitive dysfunction, preferably in the high excreter group, as well as chronic kidney failure. Newborn screening is the prerequisite for pre-symptomatic start of metabolic treatment with low lysine diet, carnitine supplementation and intensified emergency treatment during catabolic episodes, which, in combination, have substantially improved neurologic outcome. In contrast, start of treatment after onset of symptoms cannot reverse existing motor dysfunction caused by striatal damage. Dietary treatment can be relaxed after the vulnerable period for striatal damage, that is, age 6 years. However, impact of dietary relaxation on long-term outcomes is still unclear. This third revision of evidence-based recommendations aims to re-evaluate previous recommendations (Boy et al., J Inherit Metab Dis, 2017;40(1):75-101; Kolker et al., J Inherit Metab Dis 2011;34(3):677-694; Kolker et al., J Inherit Metab Dis, 2007;30(1):5-22) and to implement new research findings on the evolving phenotypic diversity as well as the impact of non-interventional variables and treatment quality on clinical outcomes.

CDC Guidelines on Prescription of Opioids – More and Less Than Meets the Eye

On February 10, 2022, the US Centers For Disease Control and Prevention (National Center for Injury Prevention and Control) circulated a draft revised and expanded “2022 CDC Clinical Practice Guideline for Prescribing Opioids”. This proposal incorporates major expansions of scope and revisions of recommendations in the earlier 2016 CDC Guideline on prescription of opioids to adults with chronic non-cancer pain. Mainstream press articles have described the 2022 Guideline as a major improvement over the 2016 predecessor document in that it emphasizes the need for clinicians to exercise their own judgment on behalf of patients and to tailor treatment to individuals. However, deeper reading of the proposed 2022 Guideline calls the impressions of press reporters into serious question. In the opinion of the author and many others, the 2016 CDC Guideline has already wrecked the practice of pain medicine in the US, and proposed 2022 “revisions” may continue the destruction. The only ethically sound courses of action now open to the CDC are either to repudiate and withdraw both 2016 and draft 2022 guidelines without replacement, or to burn them to the ground and start over with condensation and correction of gross errors and policy mis-directions under a new, unbiased and clinically qualified writers group.

The use of Antibiotics in Paediatric Dentistry: A Revision of Current Recommendations

Antibiotics are commonly used in medicine and dentistry for both preventive and therapeutic reasons. They are most widely prescribed medications in paediatric dentistry. According to the literature, approximately 7-11% of antibiotic therapy is prescribed by dentists. The most commonly used are β-lactam antibiotics, macrolides, tetracyclines, clindamycin, metronidazole. Unrestricted use of antibiotics is a cause of growing bacterial resistance. The aim of the study was to review the literature for the clinical indications, dosages, and duration of antibiotic therapy in the field of peadiatric dentistry. The author reviewed the scientific literature and for evidence regarding the use of antibiotics to prevent local and systemic infections associated with dental treatment in children. Actual recommendations and clues for clinician are provided in this article.

2021 Korean Thyroid Imaging Reporting and Data System (2021-K-TIRADS) and Imaging-Based Management of Thyroid Nodules: Korean Society of Thyroid Radiology Consensus Statement and Recommendations

The rate of detection of thyroid nodules and carcinomas has increased with the widespread use of ultrasonography (US), which is the primary imaging modality for the detection and risk stratification of thyroid nodules. The appropriate diagnosis and management of these patients is based on the risk factors related to the patients as well as the thyroid nodules. The Korean Society of Thyroid Radiology (KSThR) published consensus recommendations for US-based management of thyroid nodules in 2011 and revised them in 2016. These guidelines have been used as the standard guidelines in Korea. However, recent advances in the diagnosis and management of thyroid nodules have necessitated the revision of the original recommendations. The task force of the KSThR has revised the Korean Thyroid Imaging Reporting and Data System and recommendations for US lexicon, biopsy criteria, US criteria of extrathyroidal extension, optimal thyroid computed tomography protocol, and US follow-up of thyroid nodules before and after biopsy. The biopsy criteria were revised to reduce unnecessary biopsies for benign nodules while maintaining an appropriate sensitivity for the detection of malignant tumors. The goal of these recommendations is to provide the optimal scientific evidence and expert opinion consensus regarding US-based diagnosis and management of thyroid nodules.

Global Cooperation Framework to Mitigate a Technology-Regulation Gap in Blockchain

The research investigates the sunrise issue of the financial regulations for virtual assets from the architectural perspective. The Financial Action Task Force’s revision of recommendations transits virtual assets from a vague area between legal and illegal economies. However, lawmakers and regulators warn that the stretching adoption of the regulations might invalidate the financial regulations for virtual assets, called a sunrise issue. The research explains the unsatisfying regulatory compliance, relying on the gaps between technological architecture and regulatory framework. Furthermore, it recommends a modular architecture in the regulatory framework and elaborate message format. The research contribute technology-regulation gaps to regulation compliance studies and global cooperation to blockchain-based financial sectors.

Update on the Management of Pediatric Psoriasis: An Italian Consensus.

IntroductionPsoriasis affects children with a considerable burden in early life. Treating pediatric psoriasis is challenging also because of the lack of updated specific guidelines. With the recent approval of several biologics for pediatric psoriasis and the ongoing COVID-19 pandemic, the management of young psoriatic patients is facing major changes. A revision of treatment recommendations is therefore needed.MethodsIn September 2021, a board of six Italian dermatologists convened to update treatment recommendations. The board issued evidence- and consensus-based statements covering relevant areas of pediatric psoriasis, namely: assessment of psoriasis severity, management of children with psoriasis, and treatment of pediatric psoriasis. To reach consensus, the statements were submitted to a panel of 24 experts in a Delphi process performed entirely via videoconference. A treatment algorithm was produced.ResultsThere was full consensus that psoriasis severity is determined by the extension/severity of skin lesions, site of lesions, and impact on patient quality of life. Agreement was reached on the need for a multidisciplinary approach to pediatric psoriasis and the importance of patient/parents education. The relevance of vaccinations, including COVID-19 vaccination, for psoriatic children was acknowledged by all participants. Management issues that initially failed to reach consensus included the screening for psoriasis comorbidities and early treatment with biologics to prevent them and the use of telemedicine to facilitate patient follow-up. There was full consensus that topical corticosteroids are the first choice for the treatment of mild pediatric psoriasis, while phototherapy and systemic therapy are used in children with moderate-severe psoriasis. According to the proposed treatment algorithm, biologics are the first line of systemic therapy.ConclusionsTargeted systemic therapies are changing the treatment of moderate-severe pediatric psoriasis, while topical corticosteroids continue to be the first choice for mild disease. Children-centered research is needed to further improve the treatment of pediatric psoriasis.

Association between Protein Intake and the Prevalence of Frailty Among Community-Dwelling Lebanese Older Adults- Preliminary Results

ObjectivesProtein intake is shown to be key determinants of frailty. Nevertheless, the current daily protein recommendation of 0.8 g/kilogram (kg) BW has been proven to be inefficient in providing the required needs of the older population, and intake of 1 g/kg BW of protein was demonstrated to be more representative of the needs of older adults. Therefore, we aimed at examining the association between frailty and protein intake among Lebanese community-dwelling older adults. MethodsA total of 111 community-dwelling older-adults were randomly recruited from the urban areas from Lebanon, and were interviewed face-to-face. Dietary intake was assessed using a validated FFQ and then analyzed using Nutripro. Energy and macronutrients were determined and protein intake was dichotomized at 0.8 and 1g/kg body weight. Frailty was evaluated via the Fried’s Frailty Phenotype. Multivariate logistic regressions were performed to determine the association between frailty and protein intake and protein source (animal vs vegetable) while adjusting for several confounding variables. ResultsThe participants’ mean age was 73±12.8 and 65% were females. Sixteen (14.3%) individuals were identified as frail. Frail individuals were significantly older (p = 0.001), depressed (p< 0.001), at risk of cognitive impairment (p = 0.006) and reported polypharmacy (p = 0.003). Sixty-four % (n = 71) reached a protein intake ≥0.8 g/kg BW and 40.5% (n = 45) had an intake ≥1g/kg BW. No significant association was observed between protein intakes (OR = 1.2, 95%CI = 0.07-19.4), animal proteins (OR = 1.01, 95%CI = 0.99-1.04) or plant proteins (OR = 1.00, 95%CI = 0.996-1.004) and frailty prevalence in this population of community dwelling older adults. ConclusionsIt is important to further study the association between frailty and protein intake, within a larger sample size while taking into consideration protein distribution and timing. In the meantime, older people are recommended to have at least 1g/kg body weight as it was evidenced by several other studied while a revision of dietary protein intake recommendations for OA should be conducted in order to help them maintain optimal health and foster successful aging. Funding SourcesNone

Canadian Association of Radiologists Guidance on Contrast Associated Acute Kidney Injury.

Iodinated contrast media (ICM) is one of the most frequently administered pharmaceuticals. In Canada, over 5.4 million computed tomography (CT) examinations were performed in 2019, of which 50% were contrast enhanced. Acute kidney injury (AKI) occurring after ICM administration was historically considered a common iatrogenic complication which was managed by screening patients, prophylactic strategies, and follow up evaluation of renal function. The Canadian Association of Radiologists (CAR) initially published guidelines on the prevention of contrast induced nephropathy in 2007, with an update in 2012. However, new developments in the field have led to the availability of safer contrast agents and changes in clinical practice, prompting a complete revision of the earlier recommendations. This revised guidance document was developed by a multidisciplinary CAR Working Group of radiologists and nephrologists, and summarizes changes in practice related to contrast administration, screening, and risk stratification since the last guideline. It reviews the scientific evidence for contrast associated AKI and provides consensus-based recommendations for its prevention and management in the Canadian healthcare context. This article is a joint publication in the Canadian Association of Radiologists Journal and Canadian Journal of Kidney Health and Disease, intended to inform both communities of practice.

Google searches around analyst recommendation revision announcements: Evidence from the Taiwan stock market

We investigate the impact of Google search volume on stock prices and trading volume around recommendation revision announcements made by securities firms in the Taiwan stock market. Our results reveal that for upgrade announcements, the internet searches that are driven by investor attention lead to a temporary increase in positive price pressure around the revision announcements, whereas the price effect of the information extracted from the Google searches is persistent. We also find that trading volume reflects the incoming news around the revision announcements. Our results suggest that individual investors, who receive analyst revision reports gratis from securities firms before these reports are made public, will search through the Internet to obtain valid firm-specific information relating to the recommendation revisions.

Radiation detriment calculation methodology: summary of ICRP Publication 152

Radiation detriment is a concept to quantify the burden of stochastic effects from exposure of the human population to low-dose and/or low-dose-rate ionising radiation. As part of a thorough review of the system of radiological protection, the International Commission on Radiological Protection (ICRP) has compiled a report on radiation detriment calculation methodology as Publication 152. It provides a historical review of the detriment calculation with details of the procedure used in ICRP Publication 103. A selected sensitivity analysis was conducted to identify the parameters and calculation conditions that can be major sources of variation and uncertainty. It has demonstrated that sex, age at exposure, dose and dose-rate effectiveness factor, dose assumption in the lifetime risk calculation, and lethality fraction have a substantial impact on the calculated values of radiation detriment. Discussions are also made on the issues to be addressed and possible ways for improvement toward the revision of general recommendations. These include update of the reference population data and cancer severity parameters, revision of cancer risk models, and better handling of the variation with sex and age. Finally, emphasis is placed on transparency and traceability of the calculation, along with the need to improve the way of expressing and communicating the detriment.

Helicobacter pylori eradication therapy in an area of southeastern Brazil: a cohort study

The Second and Third Brazilian Consensuses on Helicobacter pylori indicate the combination of a proton pump inhibitor (PPI), amoxicillin, and clarithromycin as the first-line therapy for eradicating this pathogen, but this regimen has been criticized for the recent decrease in its efficacy in several parts of the world. There are little data on the efficacy of H. pylori eradication regimens in the interior of Brazil. OBJECTIVE: To describe the treatments prescribed for the eradication of H. pylori with their respective efficacy rates in a cohort living in the Zona da Mata of Minas Gerais. DESIGN: A retrospective cohort study with treatment-naïve patients known to have gastric infection by H. pylori, residents of the Zona da Mata of Minas Gerais, submitted to eradication therapy of this pathogen in the periods 2007 to 2011, and 2013 to 2016. The H. pylori eradication rates obtained with the prescribed treatments were evaluated as outcomes. RESULTS: We analyzed 5010 medical records from a single health service, with 264 prescriptions for initial treatments to eradicate H. pylori using PPI associated with amoxicillin and clarithromycin for 7 days in 243 cases (88.25%). The overall efficacy rate of this regimen was 54.07%, with no differences in efficacy between the two periods analyzed (2007 to 2011: 54.55%, 2013 to 2016: 53.65, p = 0.892) There were no differences in efficacy according to the choice of PPI: Omeprazole-AC7: 52.55%, OR = 1 (72 successes out of 137); Lansoprazole-AC7: 44.18%. OR = 1.399, p = 0.28 (38 out of 86); and Pantoprazole-AC-7: 60%, OR = 0.739, p = 0.701 (12 out of 20). CONCLUSIONS: In this cohort, the efficacy rates of the regimens recommended by the Brazilian Consensus on Helicobacter pylori were lower than those previously described in the Brazilian literature, suggesting the need for a revision of the official recommendations.

Revision of Pharmacological Treatment Recommendations for Cancer Pain: Clinical Guidelines from the Japanese Society of Palliative Medicine.

Background: Pain is one of the most common symptoms in cancer patients. The Japanese Society for Palliative Medicine (JSPM) first published its clinical guidelines for the management of cancer pain in 2010. Since then, more research on cancer pain management has been reported, and new drugs have become available in Japan. Thus, the JSPM has now revised the clinical guidelines using a validated methodology. Methods: This guideline was developed through a systematic review, discussion, and the Delphi method, following a formal guideline development process. Results: Thirty-five recommendations were created: 19 for the pharmacological management of cancer pain, 6 for the management of opioid-induced adverse effects, and 10 for pharmacological treatment procedures. Due to the lack of evidence that directly addressed our clinical questions, most of the recommendations had to be based on consensus among committee members and other guidelines. Discussion: It is critical to continue to build high-quality evidence in cancer pain management, and revise these guidelines accordingly.

The Effects of a Meldonium Pre-Treatment on the Course of the LPS-Induced Sepsis in Rats.

A dysregulated and overwhelming response to an infection accompanied by the exaggerated pro-inflammatory state and metabolism disturbance leads to the fatal outcome in sepsis. Previously we showed that meldonium, an anti-ischemic drug clinically used to treat myocardial and cerebral ischemia, strongly increases mortality in faecal-induced peritonitis (FIP) in rats. We postulated that the same mechanism that is responsible for the otherwise strong anti-inflammatory effects of meldonium could be the culprit of the increased mortality. In the present study, we applied the LPS-induced model of sepsis to explore the presence of any differences from and/or similarities to the FIP model. When it comes to energy production, despite some shared similarities, it is evident that LPS and FIP models of sepsis differ greatly. A different profile of sympathoadrenal activation may account for this observation, as it was lacking in the FIP model, whereas in the LPS model it was strong enough to overcome the effects of meldonium. Therefore, choosing the appropriate model of sepsis induction is of great importance, especially if energy homeostasis is the main focus of the study. Even when differences in the experimental design of the two models are acknowledged, the role of different patterns of energy production cannot be excluded. On that account, our results draw attention to the importance of uninterrupted energy production in sepsis but also call for much-needed revisions of the current recommendations for its treatment.

Use of Adjuvant Bisphosphonates and Other Bone-Modifying Agents in Breast Cancer: ASCO-OH (CCO) Guideline Update.

To update recommendations of the American Society of Clinical Oncology (ASCO)-Ontario Health (Cancer Care Ontario [CCO]) adjuvant bone-modifying agents in breast cancer guideline. An Expert Panel conducted a systematic review to identify new, potentially practice-changing data. Four articles met eligibility criteria and form the evidentiary basis for revision of the previous recommendations. Adjuvant bisphosphonate therapy should be discussed with all postmenopausal patients (natural or therapy-induced) with primary breast cancer, irrespective of hormone receptor status and human epidermal growth factor receptor 2 status, who are candidates to receive adjuvant systemic therapy. Adjuvant bisphosphonates, if used, are not substitutes for standard anticancer modalities. The benefit of adjuvant bisphosphonate therapy will vary depending on the underlying risk of recurrence and is associated with a modest improvement in overall survival. The NHS PREDICT tool provides estimates of the benefit of adjuvant bisphosphonate therapy and may aid in decision making. Factors influencing the decision to recommend adjuvant bisphosphonate use should include patients' risk of recurrence, risk of side effects, financial toxicity, drug availability, patient preferences, comorbidities, and life expectancy. When an adjuvant bisphosphonate is used to prevent breast cancer recurrence, the therapeutic options recommended by the Panel include oral clodronate, oral ibandronate, and intravenous zoledronic acid. The Panel supports starting bisphosphonate therapy early, consistent with the points outlined in the parent CCO-ASCO guideline; this is a consensus recommendation. The Panel does not recommend adjuvant denosumab to prevent breast cancer recurrence, because studies did not show a consistent reduction of breast cancer recurrence in any subset of those with early-stage breast cancer.Additional information can be found at www.asco.org/breast-cancer-guideline.

Evaluation of choosing wisely recommendations on preprocedural cardiovascular testing

Study objectiveThe Choosing Wisely (CW) initiative currently has multiple recommendations focused on avoiding preprocedural testing in asymptomatic patients prior to low-risk surgery. The purpose of this study was to measure the potential impact of the CW recommendations as they relate to preprocedural testing prior to cataract surgery. DesignRetrospective cohort study. SettingSingle academic medical center. ParticipantsPatients undergoing cataract surgery from 01/02/2018 to 12/31/2018. InterventionsN/A. Main outcome measuresPrevalence of preprocedural testing in elevated versus low cardiac risk patients as defined by the Revised Cardiac Risk Index (RCRI). ResultsOf a total 909 patients, 90 (9.9%) had some form of preprocedural testing ordered; testing was more common among elevated risk (n = 50/315, 15.9%) compared to low-risk patients (n = 40/594, 6.7%; p < 0.0001). Of the tests ordered, 9 were abnormal (4 in the low-risk cohort, 5 in the elevated risk cohort). ECGs were the vast majority of tests ordered (n = 88/90). No stress test orders or periprocedural adverse cardiovascular (CV) events were observed. Anesthesiology clinicians ordered 95.6% of preprocedural testing. “Routine” was the justification given for the substantial majority of tests ordered in both cohorts (90% low-risk, 86% elevated risk). ConclusionOur investigation confirms that cataract surgery has exceptionally low rates of postprocedural CV events. In contemporary practice, preprocedural CV testing for cataract surgery is not highly prevalent, rarely abnormal, and also not well justified by ordering clinicians. Our results may be considered as justification for revisions of some CW recommendations to potentially target higher prevalence areas of low-value care.

Reflection on the proposed changes to dose quantities—an industrial perspective

In 2021, the ICRP initiated the revision of the general recommendations of the system of radiation protection, and part of it will focus on dose quantities. The recently published ICRP Publication 147 and ICRU Report 95 have described the extent of the proposed modifications and paved the way for the strategy to be adopted. These revisions would seek to simplify, improve the accuracy and extend the field of use of dose quantities. While the Radiological Protection Working Group of the World Nuclear Association recognises the notable improvement in the estimation of the protection quantities and the usefulness of such changes for the medical and research sector, the benefits of the proposed new system seem very limited for the nuclear industry and industries involving naturally occurring radioactive materials. The complexity associated with changing a long-standing and robust system and the risk incurred by the human factor seem unjustified, bearing in mind the likely cost.

Macro- and Trace-Element Intake from Human Milk in Australian Infants: Inadequacy with Respect to National Recommendations.

Longitudinal variations of macro- and trace elements in human milk (HM) are not well characterised, and therefore, the recommendations for intake for Australian infants require more evidence to ensure accuracy. We aimed to investigate the longitudinal variation of HM macro- and trace-element concentrations (1–12 months) and infant intake (1–6 months) and to investigate the relationships between intake and infant growth parameters at 3 and 6 months, and determine if intake was sufficient when compared to national guidelines. HM samples were collected monthly for the first 6 months and then at 9 and 12 months postpartum from mother–infant dyads (n = 83). Test–weighing was used to determine the volume of HM consumed daily. Element concentrations (Na, Ca, K, Mg, P, I, Se, Zn, Cu, Mn, Mo, and Fe) were measured using ICP-MS, and intake was calculated using the measured concentrations and the volume of HM consumed. The average intake of HM was 776.3 ± 24.0 mL for the infants. Changes in concentration from months 1 to 12 postpartum were observed for all the measured micronutrients (all p < 0.05). The calculated intakes of all the macro- and trace elements showed that 0% to 82% of infants met the current adequate recommendations at varying periods of lactation. The calculated macro- and trace-element intakes were below the adequate intake recommendations, suggesting that they are not reflective of healthy infant requirements. These findings suggest the need for larger studies using sensitive analytical techniques and the revision of current recommendations for breastfed infants.

How is Earnings News Transmitted to Stock Prices?

ABSTRACTWe examine the speed and mechanism of the price discovery process following earnings announcements in the after‐hours market, a very illiquid trading environment. Prices reflect earnings surprises mostly through changes in quotes rather than through trades. Following positive announcement surprises, ask prices adjust quickly while bid prices are slower to adjust, and vice versa for negative surprises. Returns computed from trade prices underestimate the speed and magnitude of price reactions following announcements relative to returns computed from quotes. These findings emphasize the importance of using quotes and not trade prices when examining intraday price discovery. Because firm announcements such as earnings generally occur in the after‐hours market, using quotes is crucial as trading is sparse. We further illustrate the importance of quotes when examining the price discovery process around analyst recommendation revisions.