演讲题目： Busy Analysts: The Dark Side of Analyst Corporate Site Visits

演讲者：周艳坤 博士研究生

演讲时间：2019年11月1日（周五）上午10：00一11：30

演讲地点:  嘉庚二203

主持人：游家兴 教授

参加者：对会计、财务研究有兴趣的师生

ABSTRACT

This study examines the impact of site visits on the accuracy of analysts’ earnings forecast for non-visited firms, those followed by the analysts but do not receive a visit. Our research design allows us to focus on busy analysts. We find robust evidence that analysts’ forecast accuracy of non-visited firms is negatively affected by the visits. We also find that the negative effect is more pronounced for analysts who are busier as indicated by their firm coverage and industry coverage, the status of being a star analyst, and the extent of social activities. We further examine the impact of site visits on the forecast accuracy for entire firm portfolios which include both visited- and non-visited firms and find that the overall accuracy of the portfolios drops after site visits. As a comparison to the literature, we also examine the impact of site visits on analysts’ forecast accuracy for visited firms and find no evidence of an improvement in analysts’ forecast accuracy following site visits. Our results are consistent with the prediction of the perspective of limited resource that site visits have opportunity cost and these information acquisition activities are not the best option for busy analysts.

个人简介：周艳坤，女，中国人民大学财务学博士研究生，研究方向：资本市场与公司财务、环境会计。