主题｜Topic：Do Analysts Improve Investment Efficiency?
时间｜Time：10月12号（周五）｜Oct. 12th (Friday), 4：00 - 6：30 PM
地点｜Venue：文波 205教室｜Lecture Room 205，WENBO
主讲｜Speaker
史伟老师毕业于香港科技大学，获会计学博士学位，现为挪威商学院助理教授，主要研究方向为自愿披露、股票估值、分析师预测、投资效率、公司治理等方向。研究成果发表于 Journal of Contemporary Accounting & Economics 等期刊上。
研究领域｜Research Interests
Voluntary Disclosure, Equity Valuation, Analyst Forecast, Investment Efficiency, Corporate Governance
自愿披露、股票估值、分析师预测、投资效率、公司治理
摘要｜Abstract
To maximize firm value managers must efficiently invest new capital. This paper examines whether analyst coverage impacts a firm’s investment efficiency. Using broker mergers and closures as exogenous shocks to the number of analysts covering a firm, we find that firm investment efficiency significantly decreases after losing an analyst. The impact is largest for firms with the fewest number of analysts. We find evidence that the effect is driven by the role analysts play in information acquisition and in price efficiency. Our results suggest that the recent decline in analyst coverage may negatively impact resource allocation and future firm performance.
