The Role of Analysts in Intra-Industry Information Transfer

被引：69

作者：

Hilary, Gilles ^{[1
]}

Shen, Rui ^{[1
]}

机构：

[1] Erasmus Univ, NL-3000 DR Rotterdam, Netherlands

来源：

ACCOUNTING REVIEW | 2013年 / 88卷 / 04期

关键词：

information transfer; financial analysts; externalities; MANAGEMENT FORECASTS; EARNINGS; ACCURACY; PERFORMANCE; ABILITY;

D O I：

10.2308/accr-50437

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

When a firm issues a management forecast, analysts who have observed more forecasts from this firm since Covering it (i.e., have more MF-Experience) subsequently improve their own accuracy more and provide timelier earnings forecasts for other (non-issuing) firms in the same industry. We also find that, subsequent to a management forecast, investors are more responsive to forecast revisions for non-issuing firms made by analysts with more MF-Experience. Further tests suggest that our results are not explained by endogeneity in firm coverage.

引用

页码：1265 / 1287

页数：23

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