主题：Getting Feedback on your Research:
Evidence from Analysts（从你的研究获得反馈：由分析师获得的启示）
主讲人：Roger K. Loh，新加坡管理大学李光前商德州扑克大小
金融学副教授
日期：2017年5月17日（周三）
时间：上午10:00-11:30
地点：德州扑克大小
金融德州扑克大小
4号楼101教室
语言：英文
摘要：
We
investigate how analysts learn about the quality of their research from the
stock-price reaction to their reports. We find strong evidence that analysts
who issue influential recommendation changes in the current quarter are more
likely to issue recommendation changes next quarter. These future
recommendation changes are also more likely to be influential. In
cross-sectional tests, we find that these feedback effects are driven by an
information channel where capacity constrained analysts quickly translate the
information in the successful report onto other firms; and a skill channel
where analysts update their priors about their skill from the market’s
endorsement of their research.
主讲人简介:
Roger
K. Loh is an Associate Professor of Finance at Lee Kong Chian School of
Business, Singapore Management University. He received Bachelor and Master
degrees from National University of Singapore, and Ph.D. degrees from Ohio
State University. His research interests include security analysts, empirical
asset pricing and behavioral finance. His
research has been published in the Review
of Financial Studies and Journal of
Financial Economics.
