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引用次数: 0
摘要
受20世纪90年代末和21世纪初研究的启发,研究人员经常使用代表分析师经验、忙碌程度和资源的变量来检验分析师绩效作为分析师个人特征的函数。研究对变量结构和固定效应做出了不同的选择,有时结果也不尽相同,这表明没有标准的方法来评估分析师特征的影响。我们重现了两个早期研究(Clement(1999)和Clement and Tse(2003))的分析,并将这些分析扩展到最近的样本时期,跨越不同的方法方法和替代的分析师绩效衡量标准。我们提供了强有力的证据,表明分析师经验与盈利预测准确性呈正相关,但分析师资源和忙碌程度的关联对变量测量和固定效应选择敏感。我们的结果可以告知会计和金融学者检查分析师的表现,因为他们考虑哪些分析师特征包括,以及如何测试他们的发现的稳健性。
How Do Individual Analyst Characteristics Affect Analyst Performance?
ABSTRACT Motivated by research from the late 1990s and early 2000s, researchers often examine analyst performance as a function of individual analyst characteristics using variables representing analysts’ experience, busyness, and resources. Studies make different choices for variable construction and fixed effects, sometimes with varying results, suggesting there is no standard approach to evaluating the effect of analyst characteristics. We reproduce analyses from two early studies (Clement (1999) and Clement and Tse (2003)) and extend these analyses to a more recent sample period and across different methodological approaches and alternative analyst performance measures. We provide robust evidence that analyst experience is positively associated with earnings forecast accuracy but that associations for analyst resources and busyness are sensitive to variable measurement and fixed effect choices. Our results can inform accounting and finance scholars examining analyst performance as they consider which analyst characteristics to include and how to test the robustness of their findings.