克莱姆森大学副教授Fei Xie:所有的分析师平等吗?行业专长和监控金融分析师的有效性

 

【主讲】Fei Xie,克莱姆森大学副教授
【主题】所有的分析师平等吗?行业专长和监控金融分析师的有效性
【时间】2014年5月5日 (周一)10:30-12:00
【地点】清华经管学院 伟伦楼401
【语言】英语
【主办】金融系
 
Abstract
 
We examine whether analysts’ prior industry experience influences their ability to serve as effective external monitors of followed firms. Our analyses of firms’ financial disclosure, executive compensation and CEO turnover decisions portray a consistent picture that only financial analysts with related pre-analyst industry experience play an effective monitoring role. These industry expert analysts are able to rein in firms’ earnings management behavior and reduce the probability of firms committing financial misrepresentation. Their presence also leads to lower CEO excess compensation and higher sensitivity of forced CEO turnovers to firm performance. Our results highlight the importance of analysts’ industry expertise and suggest that not all analysts are equal in providing external monitoring of firms.