演讲题目：Industry Knowledge, Competition, and Analyst Coverage Decisions
演讲者: Charles Hsu ,香港科技大学商学院，教授
ABSTRACT: We analyze the importance of industry knowledge and whether covering firms with competing products are important factors in analyst coverage decisions. We use information from product descriptions in firm 10-Ks that allows us to examine the relation between analyst coverage and industry product market knowledge. We find that a firm’s analyst coverage increases when the firm is covered by analysts who also cover a larger fraction of the firm’s product peers and when those analysts already cover firms with similar products. We also find that analysts whose portfolios comprise more product market competitors are more likely to obtain Analyst All-Star status. In addition, we show that analysts issue more informative forecasts and recommendations when the firm has a stronger product market relation with other firms in the analyst portfolio.