主讲人：Amy Zang（臧蕴智）教授，香港科技大学
题 目：Cross-Industry Information Sharing among Colleagues and Analyst Research
时 间：2020年11月12日（星期四）下午15：30—17：00
会议室：腾讯会议 ID：405 628 259
主讲人简介：
Amy Zang（臧蕴智），清华大学会计学学士，杜克大学会计学博士，曾任职于罗切斯特大学，现为香港科技大学教授，The Accounting Review编委会成员。在Management Science，The Accounting Review，Journal of Accounting and Economics，Contemporary Accounting Research等高水平杂志上发表文章。
内容摘要：
We identify a specific organizational resource in brokerage houses—information sharing among analyst colleagues who cover economically related industries along a supply chain. We hypothesize that this resource constitutes a knowledge asset that benefits analyst research and allows analysts to have a higher level of industry specialization. The impact of this resource depends on colleagues’ information complementarity, which we measure using the level of economic connection between an analyst’s industry and her colleagues’ industries. Controlling for economic determinants and brokerage selection effects, we find that colleagues’ information sharing improves the analyst’s earnings forecast accuracy, stock recommendation profitability, and investor recognition. We show that the colleagues’ coverage of downstream (upstream) industries improves the analyst’s revenue (expense) forecasts. We find that information sharing among colleagues allows analysts, especially less capable ones, to cover a more specialized research portfolio. Overall, our findings align with the theory of the firm that a firm’s organizational structures contribute to employee performance and specialization.
