This new article in the Australian Accounting Review looks interesting (full article is behind a pay wall). I am not aware of a lot of research involving financial analysts. Authors are Shigeki Sakakibara, Bo Hansson, Tadanori Yosano, Hideo Kozumi. The abstract says:
This study is based on a survey of 324 financial analysts in Japan. The survey concerns analysts’ perceptions of intellectual capital (IC)
information and its links to the evaluation of companies. The value
relevance of and the access to IC-related information reveals a large
gap on many items. The analysis further shows that the lack of access to
information hampers analysts’ use of IC in their evaluation of
companies, particularly in their use of human capital measures.
Attitudes towards more disclosure and standardisation are mainly driven
by perceptions of what generates value in companies.
Frankly, in the U.S., it would be difficult to do this kind of research because there is not enough awareness among analysts of the concepts of IC. The power of analysts is that their views get the attention of corporates that want to get the best possible stock price. Are there any other studies out there I wonder?