德勤-复旦会计论坛系列讲座之一百九十

 

时      间:2022年 11 月15日(周二)上午10:00

地      点:腾讯会议

会议链接https://meeting.tencent.com/dm/WW4BNK3mBr3n

会  议 号:777 862 96641

会议密码:857492

主  持 人:周易 副教授

报  告 人:Yong YU Professor (University of Texas at Austin)

题       目:Identification of analyst coverage initiations

摘       要:Researchers have traditionally inferred analysts’ coverage initiations using an analyst’s and/or a broker’s first recommendation for a firm in IBES. Using a large hand-collected sample of analyst reports announcing coverage initiations, we document that 17% of the traditionally-inferred initiations are not actual initiations (Type I error) and that 50% of the actual initiations are not identified using the traditional approach (Type II error). We show that these measurement errors lead to systematic biases in a variety of firm and analyst characteristics and in the distribution of analysts’ recommendations, and that correcting for these measurement errors changes an important prior finding. We assess the effectiveness of the methods that prior studies have used to mitigate the measurement errors and suggest a new method that improves upon these prior methods.

 

 

会计学系

2022-11-10