讲座:Cover Me: Managers’ Response to Changes in Analyst Coverage

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题目:Cover Me: Managers’ Response to Changes in Analyst Coverage
报告人:张元(Yuan Zhang
主持人:陈亚民 教授,上海交通大学会计系系主任
时间:2010511日(周二)下午13:30
地点:法华校区安泰104


报告人简介:
张元,1998获得清华大学理学学士学位,2003年获得南加利福尼亚大学会计学博士学位。现任美国哥伦比亚大学商学院会计学副教授。张教授的研究领域涉及财务会计与财务报告,会计信息在股票估值中的使用,以及证券法规等方面。曾在《The Accounting Review》、《Journal of Accounting and Economics》等高质量的国际期刊上发表文章。

内容简介:
We show that managers increase the volume of public financial guidance in response to decreases in analysts’ coverage of their firms, particularly to decreases that are exogenously due to reduction in brokerage firm size. Managers do not respond to increases in analyst coverage. Further analyses suggest that managers’ guidance response to decreases in coverage reflects the trade-off between the benefits from analyst coverage and the costs of providing guidance. Specifically, this response is concentrated among high-growth firms, firms expecting to issue equity, firms with low resulting coverage, and firms with low prevailing disclosure. There is no incremental response to changes in coverage by star analysts. Overall, our results shed light on the interaction between managers and analysts, and how the value of analysts as perceived by managers varies in the cross-section with firm and analyst characteristics.

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