卖方分析师是否对少数股权公司的坏消息反应过于悲观?来自目标价估值的证据

IF 0.4 Q4 ECONOMICS
Kathy Rupar, Sean Wang, Hayoung Yoon
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引用次数: 0

摘要

我们发现,当首席执行官是非白人时,坏消息对分析师估值的不利影响要大 57%,导致非白人首席执行官的估值比白人首席执行官更悲观。非白人首席执行官的公司在随后的 12 个月中更有可能超过分析师的估值目标,这表明这种种族差距缺乏经济上的合理性。为了进一步证明种族偏见:(1) 我们用一个对照实验的确凿证据对我们的经验发现进行了三角测量;(2) 我们提供的证据表明,当种族关系恶化时,分析师对非白人首席执行官公司的估值差距会变得更大。首席执行官熟悉程度的提高会减弱这些差异,这表明我们记录的偏见似乎是下意识的。我们的研究结果表明,为教育公司的利益相关者了解隐性种族偏见的潜在影响和提高自我意识而分配的资源,可能会对促进资本市场的平等产生影响。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Do sell-side analysts react too pessimistically to bad news for minority-led firms? Evidence from target price valuations
We find that the adverse impact of bad news on analysts’ valuations is 57% larger when the CEO is Non-White, resulting in more pessimistic valuations for Non-White CEOs relative to their White counterparts. Non-White CEO firms are more likely to surpass analysts’ valuation targets in the subsequent 12 months, suggesting that this racial gap lacks economic justification. To provide further evidence of a racial bias: (1) we triangulate our empirical findings with corroborating evidence from a controlled experiment and (2) we provide evidence that analysts’ valuation disparities towards Non-White CEO firms become larger when race relations are worse. Increases in CEO familiarity attenuate these disparities, suggesting the bias we document appears to be subconscious. Our findings suggest that resources allocated towards educating a firm’s stakeholders about the potential impact of implicit racial biases and increasing self-awareness may be impactful in promoting equality within capital markets.
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