当前位置: X-MOL 学术Rev. Financ. Stud. › 论文详情
Our official English website, www.x-mol.net, welcomes your feedback! (Note: you will need to create a separate account there.)
The Value of Differing Points of View: Evidence from Financial Analysts’ Geographic Diversity
The Review of Financial Studies ( IF 8.414 ) Pub Date : 2022-06-06 , DOI: 10.1093/rfs/hhac033
William C Gerken 1 , Marcus O Painter 2
Affiliation  

Using satellite imagery of retail firms parking lots to measure time-varying local firm-specific performance, we document that analysts incorporate local information into their forecasts. Analysts rely more on local signals when less firm-wide information is available. This incorporation of noisy local firm information has firm-level implications. Examining across industries, we find causal evidence that geographic concentration of analysts increases consensus forecast errors and decreases firm liquidity. These effects are stronger for harder-to-value stocks. The market values geographic firm information, as the abnormal return around forecast revisions is higher for analysts who cover a firm from a unique location.

中文翻译:

不同观点的价值:来自金融分析师地理多样性的证据

我们使用零售公司停车场的卫星图像来衡量随时间变化的当地公司特定绩效,我们记录了分析师将当地信息纳入他们的预测。当公司范围内的信息较少时,分析师更多地依赖本地信号。这种嘈杂的本地公司信息的结合具有公司层面的影响。通过跨行业检查,我们发现因果证据表明分析师的地理集中度会增加共识预测错误并降低公司流动性。对于难以估值的股票,这些影响更强。市场重视公司地理信息,因为对于从独特位置覆盖公司的分析师而言,预测修正的异常回报更高。
更新日期:2022-06-06
down
wechat
bug