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Purpose – The purpose of this paper is to test whether financial analysts’ rationality in making stocks’ earnings forecasts is homogenous or not across different information regimes in stocks’ past returns. Design/methodology/approach – By treating stocks’ past returns as the information variable in this study, the authors employ a threshold regression model to capture and test threshold effects of stocks’ past returns on financial analysts’ rationality in making earnings forecasts in different information regimes. Findings – The results show that three significant structural breaks and four respective information regimes are identified in stocks’ past returns in the threshold regression model. Across the four different information regimes, financial analysts react to stocks’ past returns quite differently when making one-quarter ahead earnings forecasts. Furthermore, the authors find that financial analysts are only rational in a certain information regime of stocks’ past returns depending on a certain return-window such as one-quarter, two-quarter or four-quarter time period. Originality/value – This study is different from those in the existing literature by arguing that there could exist heterogeneity in financial analysts’ rationality in making earnings forecasts when using stocks’ past returns information. The finding that financial analysts react to stocks’ past returns differently in the different information regimes of past returns adds value to the research on financial analysts’ rationality.

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Resumo Discute-se a construção de políticas de informação, do ponto de vista da reflexão epistemológica e da proposição metodológica. Com base em trabalhos de Bruno Latour e Bernd Frohmann, aponta-se uma abordagem capaz de favorecer o enfrentamento dos desafios identificados no campo em questão. Para dar a essa abordagem uma materialidade que contemple a dinâmica de múltiplos níveis locais e globais presente no processo da construção política, indica-se a articulação de modelos analíticos propostos por Boaventura de Sousa Santos e Janete Maria Lins de Azevedo. A discussão visa propiciar a identificação de possibilidades e o apoio ao desenvolvimento de estratégias ligadas à conquista de uma relação menos desequilibrada entre pressões globais e potencialidades locais. Toma-se como horizonte uma forma de atendimento a demandas locais de acesso a informação desenvolvida em paralelo com a construção de condições locais adequadas a uma participação na “sociedade da informação” que garanta espaço para a manifestação da identidade cultural, com menor risco de submissão a uma lógica de subalternidade. Palavras-chave política de informação, regime de informação, epistemologia política, multiculturalismo, contra-hegemonia. Abstract This paper discusses the construction of information policies from the standpoint of epistemological reflection and methodological proposition. Theorizations developed by Bruno Latour and Bernd Frohmann are the point of departure for choosing an approach that allows adequate confrontation of the various challenges that construction meets. We also advance the suggestion of articulating analytical models proposed by Boaventura de Sousa Santos and Janete de Azevedo, so as to deal with the multiple-level dynamics of local and global interactions involved in policy construction. Our discussion aims at paving the way to the identification of possibilities and the stimulation of strategy development in situations involving the pursuit of a less unbalanced relationship between local potentialities and global pressures. The horizon we envision associates answering local demands for information access with creating adequate local conditions to participating in “information society” with enough space guaranteed for the manifestation of cultural identity and lesser risk of subscription to subalternity. Keywords information policy, information regime, political epistemology, multiculturalism, counter-hegemony.