{"title":"ETF 出现后金融分析性质的变化","authors":"Russell Lundholm, Xin Zheng","doi":"10.1007/s11142-024-09841-9","DOIUrl":null,"url":null,"abstract":"<p>We study how the launch of an electronically traded fund (ETF) that holds firms in a specific industry changes the behavior of analysts who follow that firms in that industry. An industry ETF allows investors to trade the firm-specific payoff separately from the industry payoff. This causes significant changes in the value of different types of information. In particular, following an increase in a firm’s industry ETF coverage, the firm’s analyst coverage increases in the following year, and this holds after controlling for changes in institutional investment and other characteristics. We also find that, following an increase in ETF coverage, analyst recommendations are more likely to include an industry recommendation separate from the firm-specific recommendation, and the latter is more likely to be stated in relative terms. Our results strengthen when the new ETF is a better hedge against the industry payoff factor and when we introduce a plausible control for endogeneity.</p>","PeriodicalId":48120,"journal":{"name":"Review of Accounting Studies","volume":"83 1","pages":""},"PeriodicalIF":4.8000,"publicationDate":"2024-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The changing nature of financial analysis in the presence of ETFs\",\"authors\":\"Russell Lundholm, Xin Zheng\",\"doi\":\"10.1007/s11142-024-09841-9\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>We study how the launch of an electronically traded fund (ETF) that holds firms in a specific industry changes the behavior of analysts who follow that firms in that industry. An industry ETF allows investors to trade the firm-specific payoff separately from the industry payoff. This causes significant changes in the value of different types of information. In particular, following an increase in a firm’s industry ETF coverage, the firm’s analyst coverage increases in the following year, and this holds after controlling for changes in institutional investment and other characteristics. We also find that, following an increase in ETF coverage, analyst recommendations are more likely to include an industry recommendation separate from the firm-specific recommendation, and the latter is more likely to be stated in relative terms. Our results strengthen when the new ETF is a better hedge against the industry payoff factor and when we introduce a plausible control for endogeneity.</p>\",\"PeriodicalId\":48120,\"journal\":{\"name\":\"Review of Accounting Studies\",\"volume\":\"83 1\",\"pages\":\"\"},\"PeriodicalIF\":4.8000,\"publicationDate\":\"2024-07-03\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Review of Accounting Studies\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://doi.org/10.1007/s11142-024-09841-9\",\"RegionNum\":3,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Review of Accounting Studies","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.1007/s11142-024-09841-9","RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
The changing nature of financial analysis in the presence of ETFs
We study how the launch of an electronically traded fund (ETF) that holds firms in a specific industry changes the behavior of analysts who follow that firms in that industry. An industry ETF allows investors to trade the firm-specific payoff separately from the industry payoff. This causes significant changes in the value of different types of information. In particular, following an increase in a firm’s industry ETF coverage, the firm’s analyst coverage increases in the following year, and this holds after controlling for changes in institutional investment and other characteristics. We also find that, following an increase in ETF coverage, analyst recommendations are more likely to include an industry recommendation separate from the firm-specific recommendation, and the latter is more likely to be stated in relative terms. Our results strengthen when the new ETF is a better hedge against the industry payoff factor and when we introduce a plausible control for endogeneity.
期刊介绍:
Review of Accounting Studies provides an outlet for significant academic research in accounting including theoretical, empirical, and experimental work. The journal is committed to the principle that distinctive scholarship is rigorous. While the editors encourage all forms of research, it must contribute to the discipline of accounting. The Review of Accounting Studies is committed to prompt turnaround on the manuscripts it receives. For the majority of manuscripts the journal will make an accept-reject decision on the first round. Authors will be provided the opportunity to revise accepted manuscripts in response to reviewer and editor comments; however, discretion over such manuscripts resides principally with the authors. An editorial revise and resubmit decision is reserved for new submissions which are not acceptable in their current version, but for which the editor sees a clear path of changes which would make the manuscript publishable. Officially cited as: Rev Account Stud