汇报：How Informed is Your Financial Analyst? An Information Decomposition Approach

汇报人：Sharon Yang (NORTHWESTERN UNIVERSITY )

功夫：2010年1月29日（周五）10:00-11:30am

地址：J9集团国际站新楼217教室

提要：This study introduces a new measure of financial analyst’ informativeness,constructed as the fraction of variation in analyst earnings forecast revisions unexplained by information in the public domain. Over the period 1994 to 2007, I show that analysts with higher informativeness produce more accurate earnings forecasts and more valuable stock recommendations;their earnings forecasts also deviate more from the consensus. Although privileged connections between analysts and companies contribute to higher informativeness, the association between analyst informativeness and performance does not diminish following the introduction of Regulation Fair Disclosure (Reg FD). Further evidence suggests that analysts with higher informativeness during the pre-Reg FD regime switch to less-followed and harder-to-forecast firms after the reform.