Reg FD is Working

Reg FD seems to be working according to Mark Chen an assistant professor at the University of Maryland. In an update to a study first presented to the American Finance Association in 2003 the professor is concluding that companies are no longer tipping analysts. Or at least they are not correcting their forecasts as closely. In pre Reg FD days analyst forecasts where almost always bang on. After Reg FD became law forecasts are no longer s accurate. The forecasts over time seem to be less accurate. It would appear that the sell side analyst operating without inside information is only capable of pedestrian results with an increasing component of guesswork.
Gee a sell side analyst who is not special. Why are they there in the first place. Caveat emptor.