文章基本信息

标题：Analyst-Firm Relations and Reciprocity: Evidence from China
本地全文：下载
作者：Jianlei Hou ; Shangmei Zhao ; Haijun Yang 等
期刊名称：E3S Web of Conferences
印刷版ISSN：2267-1242
电子版ISSN：2267-1242
出版年度：2021
卷号：253
页码：1-5
DOI：10.1051/e3sconf/202125303029
语种：English
出版社：EDP Sciences
摘要：This paper quantifies the analyst-firm relations based on an informational characteristic-model of analyst coverage innovatively. Furtherly, the rationality of analyst-firm relations is investigated based on the reciprocity between analysts and target firms by examining the impact of analyst-firm relations on stock recommendation and analysts’ earnings forecasting performance. Empirical results suggest that analysts are prompted by close analyst-firm relations to render relatively positive rating for target firms and reciprocated by more firm-specific information for better earnings forecasting performance.