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{"title":"Analyst Research Activity During the\n COVID\n ‐19 Pandemic","authors":"Pawel Bilinski","doi":"10.1111/abac.12291","DOIUrl":null,"url":null,"abstract":"This paper documents that, in response to the COVID-19 pandemic, analysts increase their research activity and significantly revise their forecasts when compared to the pre-pandemic period. Uncertainty-adjusted forecast errors are either comparable or smaller during the pandemic compared to the pre-pandemic period. Investor attention and price reactions to analyst forecast revisions are higher during the pandemic and the effect is stronger in periods where investors actively search for information about firms. During the pandemic, investors value analyst price discovery role more than their role in interpreting public information. Jointly, the results suggest that analysts play an important information intermediation role during the COVID-19 pandemic. © 2023 The Author. Abacus published by John Wiley & Sons Australia, Ltd on behalf of Accounting Foundation, The University of Sydney.","PeriodicalId":47285,"journal":{"name":"Abacus-A Journal of Accounting Finance and Business Studies","volume":null,"pages":null},"PeriodicalIF":2.5000,"publicationDate":"2023-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"1","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Abacus-A Journal of Accounting Finance and Business Studies","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.1111/abac.12291","RegionNum":4,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
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COVID - 19大流行期间的分析师研究活动
本文证明,与大流行前相比,为应对COVID-19大流行,分析师增加了研究活动,并大幅修改了预测。与大流行前相比,大流行期间经不确定性调整的预测误差相当或更小。在大流行期间,投资者对分析师预测修正的关注和价格反应更高,在投资者积极搜索公司信息的时期,影响更大。在大流行期间,投资者更重视分析师的价格发现作用,而不是他们对公共信息的解释作用。综上所述,分析人员在COVID-19大流行期间发挥了重要的信息中介作用。©2023作者。Abacus由John Wiley & Sons Australia, Ltd代表悉尼大学会计基金会出版。
本文章由计算机程序翻译,如有差异,请以英文原文为准。