德勤－复旦会计论坛系列219期讲座信息
时 间：2024年 3月26日（周二）下午1:30
地 点：史带楼602教室
主持人：黄钟伟 副教授
报告人：Yin Wang, Assistant Professor (Singapore Management University)
题 目：Riding Attention Spikes: How Analysts Respond to Advertising
摘 要：
Product market advertising, albeit containing little new information, triggers spikes in investor attention. Using weekly advertising data, we find that sell-side analysts issue earnings forecasts with higher frequency, and more important, with greater optimistic bias, in response to heavier advertising of the prior week. This effect is not driven by new product launches or other confounding events. It is more pronounced for experienced analysts and analysts who are affiliated to brokerage firms relying solely on trading revenues. The optimistic forecast bias intensifies the impact of advertising on trading volumes of the underlying stock during the following week. Overall, analysts appear to issue optimistic forecasts strategically to exploit investor attention spikes induced by advertising.
会计学系
2024-3-13
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