The Role of Analysts in Intra-Industry Information Transfer

• 成果类型: Article
• 署名作者: Hilary, Gilles; Shen, Rui
• 署名单位: Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC
• 刊物名称: ACCOUNTING REVIEW
• ISSN/ISSBN: 0001-4826
• DOI: 10.2308/accr-50437
• 发表日期: 2013
• 页码: 1265-1287
• 关键词: management forecasts; earnings; accuracy; performance; ability

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.