I explore whether participation on Estimize.com, a crowdsourced earnings-forecasting platform aimed primarily at novices, improves professional analysts’ forecast accuracy and career outcomes. Estimize provides its contributors with frequent and timely feedback on their forecast performance and offers them a new channel for disseminating their forecasts to a wider public, features that could help analysts improve their forecast accuracy and raise their online visibility. Using proprietary data obtained from Estimize and a difference-in-differences research design, I find that IBES analysts who are active on Estimize improve their EPS forecast accuracy by 13% relative to the sample-mean forecast error, as well as reduce forecast bias. These improvements in performance vary predictably in ways consistent with learning through feedback. Additionally, I find increased market reaction to the positive earnings-forecasts revisions issued by analysts who are active on Estimize. I also find that analysts active on Estimize enjoy incremental positive career outcomes after controlling for forecast accuracy. My results suggest that professional analysts can learn to become better forecasters through online feedback and consequently garner more attention from the market. My results also suggest analysts can improve their career outcomes by gaining additional online visibility. / Business Administration/Accounting

Social network sites (SNSs) have become ubiquitous around the globe and interwoven with all aspects of life. In this article, I will argue that the communicative infrastructure of SNSs, i.e., all SNS-elements that allow users to communicate, is a key element for understanding their impact as it creates environments in which users, their behaviors, and social interactions are embedded. These digital environments facilitate and encourage fundamental mechanisms of implicit learning from feedback as well as observation in an unprecedented way. I will discuss how these technologybased learning environments impact the mental health of their users, e.g., by linking negative online feedback to depression and following influencers to disturbed eating. The article ends with a conclusion that emphasizes the advantages of understanding SNSs as environments in order to reflect the complexity, relevance, and ubiquitousness of the phenomenon.