Analyst Coverage Overlaps and Interfirm Information Spillovers

Tim Martens, Christoph J. Sextroh
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引用次数: 15

Abstract

We investigate the role of financial analysts in facilitating the flow of relevant competitive information between firms. Using patent citations as a proxy for interfirm information spillovers, we find that firms are more likely to cite another firm's patent if that firm is covered by the same financial analyst. Difference-in-difference analyses exploiting exogenous shocks to analyst coverage overlaps over time suggest that the documented effect is not simply due to changes in firms' business models and corresponding changes in analyst coverage; consistent with a causal relationship between analyst coverage overlaps and interfirm information spillovers. The effect is stronger for analysts with a relatively higher industry-specialization, more experience, a larger coverage portfolio, and a higher forecast activity, as well as for firm pairs with a larger geographic or organizational diversity. Overall, our findings suggest that capital market relationships not only play an important role in reducing information asymmetries between firms and capital markets but also facilitate the production of business intelligence through feedback and interfirm information transfers.
分析师覆盖范围重叠和公司间信息溢出
我们调查了金融分析师在促进公司之间相关竞争信息流动中的作用。利用专利引用作为企业间信息溢出的代理,我们发现,如果一家公司的专利由同一位金融分析师负责,那么该公司更有可能引用另一家公司的专利。利用外生冲击对分析师覆盖率重叠的差异分析表明,记录在案的影响不仅仅是由于公司商业模式的变化和分析师覆盖率的相应变化;与分析师报道重叠和公司间信息溢出之间的因果关系一致。对于具有相对较高的行业专业化、更丰富的经验、更大的覆盖范围组合和更高的预测活动的分析师,以及具有更大地理或组织多样性的公司配对,效果更强。总体而言,我们的研究结果表明,资本市场关系不仅在减少企业与资本市场之间的信息不对称方面发挥了重要作用,而且还通过反馈和企业间信息传递促进了商业智能的产生。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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