德勤－复旦会计论坛系列271期讲座信息

时间：2026年 5月26日（周二）下午13:30

地点：史带楼503教室

主持人: 倪晨凯教授

报告人: 司方博（暨南大学）

题目: Financial Analysts, Tech-Spillover and Innovation Direction: Evidence from Conference Calls

摘要: This paper investigates how sell-side analysts’ technology-related questions during earnings conference calls shape the diffusion of otherwise proprietary technology information across firms, thereby shaping the innovation direction of industry peers. Using patent and conference call data from 2007 to 2023, we find that analyst questioning on industry peers is associated with a greater subsequent shift in focal firms’ innovation toward technological trajectories of their industry peers. The effect is driven by analysts’ questions rather than managers’ voluntary disclosure. Instrumental-variable estimates exploiting Ramadan-induced variation in Muslim analysts’ participation in conference calls support a causal interpretation. We further show that these spillovers are associated with higher-quality innovation. Overall, we provide new evidence on the role of analysts as information intermediaries in influencing the direction of corporate innovation.