主题： Do Analysts with Close Ties Improve the Firms’ Information
Environment? Evidence from a Relationship-based Economy（分析师的紧密联系是否有助于提高公司的信息环境？）
主讲人：T.J. Wong (黄德尊) ，香港中文大学会计学教授
日期：2015年10月28日（周三）
时间：下午2:00-3:30
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：
This paper examines the information role of social
and business ties between financial analysts and firm managers in a relationship-based
economy like China’s, where relational contracts create challenges to a firm’s
public disclosures. We find that social and business ties can facilitate the
private transfer of information and create positive externalities that improve the
firm’s information environment. Specifically, we find that forecasts of
analysts connected through social and business ties are more accurate and
timely than those of unconnected analysts. Similarly, firms with more connected
analysts following have more accurate consensus forecasts and lower forecast
dispersion. These results are not simply the aggregation of the effects of
individual analysts, but rather are due to a spillover effect that impacts the
forecast accuracy of both the unconnected analysts and the firm’s information
environment as a whole. This spillover effect is stronger for firms that are
politically connected or that have a concentrated number of customers and
suppliers whose contracts are more relationship-based. In additional tests, we
find that these results are present using a difference-indifference analysis of
a subsample of analysts that have left the financial analyst industry.
主讲人简介:
Professor T.J.
Wong is the Choh-Ming Li Professor of Accountancy and the Director of the
Center for Institutions and Governance of the Chinese University of Hong Kong
(CUHK). He also served as the Dean of the CUHK Business School from 2008 to
2013. He received his BA in Economics (summa cum laude) from Dickinson College,
and MBA and PhD degrees from UCLA. Before joining CUHK, he taught at the
University of Maryland - College Park and the Hong Kong University of Science
and Technology. Professor Wong has published numerous research articles in
finance and accounting journals such as Journal of Finance, Journal of Financial Economics, Review of Financial
Studies, and Journal of Accounting and Economics. Professor Wong currently
serves as an editor of The Accounting Review and has served in various
editorial boards including Review of Accounting
Studies, Journal of Accounting and so on.
