讲座主题：Busy analysts and forecast performance

主讲人：沈凌波 助理教授（荷兰屯特大学）

讲座时间：2023年4月21日（星期五）下午14：00

讲座地点：腾讯会议：575 118 355

主持人：叶志强 老师

邀请部门：金融学系、金融工程研究所

 

摘要：This paper investigates whether the busyness of financial analysts can impact forecast performance. Using the novel setting of corporate site visits in China, we show that those analysts who are busy in visiting firm sites produce lower accurate forecasts for other non-visiting firms. The effect is more pronounced for analysts who visit long distance firms and visit larger firms. We exploit the introduction of high-speed rail (HSR) as an exogenous shock to costs of information acquisition and COVID-19 pandemic as an exogenous shock of limiting the corporate site visits to rule out other explanations. Our results add new evidence that analysts busyness can negatively affect their performance.

 

主讲人介绍：沈凌波，现为荷兰屯特大学(University of Twente) Behavioural, Management and Social Sciences学院High-tech Business and Entrepreneurship系助理教授。本科毕业于北京大学光华管理学院金融专业，之后在荷兰蒂尔堡大学(Tilburg University)攻读金融学博士学位。2022年在蒂尔堡大学获得博士学位后加入了屯特大学。他研究兴趣主要集中在公司金融和行为金融学，特别关注创新、创业和金融分析师。对将文本分析等机器学习技术应用于金融问题的研究有特别的兴趣。