内生性
收益
机构投资者
业务
会计
盈余管理
货币经济学
经济
财务
计量经济学
公司治理
作者
Peng‐Chia Chiu,Ben Lourie,Alexander Nekrasov,Siew Hong Teoh
出处
期刊:Management Science
[Institute for Operations Research and the Management Sciences]
日期:2021-01-25
卷期号:67 (12): 7455-7471
被引量:42
标识
DOI:10.1287/mnsc.2020.3836
摘要
We study how institutional investor attention to a firm affects the timeliness of analysts’ forecasts for that firm. We measure abnormal institutional attention (AIA) using Bloomberg news search activity for the firm on earnings announcement days. We find that analysts issue more timely forecasts when AIA is high on the earnings announcement day. Analyst responsiveness to AIA is stronger when analysts have more resources and experience and weaker when the AIA of other covered firms is high. Analysts who respond more to AIA are more likely to be named all-star analysts and less likely to be demoted to a smaller brokerage. We address endogeneity concerns using a measure of expected AIA that is unaffected by concurrent information. Our findings suggest that responsiveness to institutional attention influences the production of analyst research and analysts’ career outcomes. This paper was accepted by Brian Bushee, accounting.
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