财务、会计seminar第一百四十三期讲座

演讲题目： Tracking Analysts along Technological Links

演 讲 者： Li Yao(姚立）教授

Concordia University

演讲时间： 2016年12月21日（周三）下午15:00—16:30

演讲地点：嘉庚二201室

主 持 人：陈亚盛 教授

参 加 者：对会计、财务研究有兴趣的师生

讲座简介：Using U.S. patent citations, we find that the number of analyst following and earnings forecast accuracy are positively related to a firm’s technological links with other firms in the market. The likelihood of an analyst’s coverage and forecast accuracy increase in the firm’s technological links with other firms the analyst covers. Further analysis shows that the positive effects of technological links are more pronounced for firms with more uncertain business prospects, and are driven by both within- and across-industry technological links. Our results suggest that technological expertise allows analysts to exploit the informational complementarities across firms along the technological links.