Intrafirm Knowledge Sharing in the Investment Research Industry

• 成果类型: Article
• 署名作者: Hugon, Artur; Lin, An-Ping; Markov, Stanimir
• 署名单位: Arizona State University; Arizona State University-Tempe; Singapore Management University; University of Texas System; University of Texas Dallas
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2023.4809
• 发表日期: 2024
• 关键词: knowledge sharing; equity analysts; debt analysts; cash flow forecasts; Credit ratings

摘要

We study interdepartment knowledge sharing in an investment research setting where the benefits are potentially significant for the brokerage and the capital market, but so are the frictions impeding it. Using hand-collected data on equity analyst access to in-house debt research expertise, we find significant benefits to equity analysts in the form of improved ability to forecast cash flows and to anticipate credit rating downgrades. Moreover, we find evidence that access to management and research expertise underlie in-house debt analysts' capacity to generate information beneficial to equity analysts. Finally, these benefits exist only in the presence of a collaborative brokerage culture or debt-equity analyst collocation, consistent with these factors promoting knowledge sharing in the investment research industry.