We identify a specific organizational resource in brokerage houses—information sharing among analyst colleagues who cover economically related industries along a supply chain. After controlling for brokerage selection effects, we show evidence consistent with the benefit of this resource to analyst research performance. Specifically, we find that analysts whose colleagues cover more economically connected industries have better research performance, especially when their colleagues produce higher-quality research. We further show that colleagues' coverage of downstream (upstream) industries is positively related to the accuracy of only analysts’ revenue (expense) forecasts and that analysts and their highly connected colleagues tend to issue earnings forecast revisions contemporaneously. Last, we find that analysts with economically connected colleagues tend to have a higher level of industry specialization. Overall, our findings suggest that analysts rely on organizational resources to produce high-quality research. Hence, a portion of their performance and reputation is not transferable across employers.

我们确定了经纪行中特定的组织资源——在供应链中涵盖经济相关行业的分析师同事之间共享信息。在控制了券商选择效应后，我们展示了与该资源对分析师研究绩效的益处相一致的证据。具体来说，我们发现，其同事涵盖更多经济联系行业的分析师具有更好的研究绩效，尤其是当他们的同事进行更高质量的研究时。我们进一步表明，同事对下游（上游）行业的报道与分析师收入（支出）预测的准确性正相关，分析师及其高度相关的同事倾向于同时发布盈利预测修正。最后的，我们发现，有经济联系的同事的分析师往往具有更高的行业专业化水平。总体而言，我们的研究结果表明，分析师依赖组织资源来进行高质量的研究。因此，他们的部分业绩和声誉不能在雇主之间转移。