COVID - 19大流行期间的分析师研究活动

IF 2.5 4区 管理学 Q2 BUSINESS, FINANCE Abacus-A Journal of Accounting Finance and Business Studies Pub Date : 2023-05-12 DOI:10.1111/abac.12291
Pawel Bilinski
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引用次数: 1

摘要

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。
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Analyst Research Activity During the COVID ‐19 Pandemic
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.
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来源期刊
CiteScore
3.30
自引率
4.80%
发文量
25
期刊介绍: Since 1965 Abacus has consistently provided a vehicle for the expression of independent and critical thought on matters of current academic and professional interest in accounting, finance and business. The journal reports current research; critically evaluates current developments in theory and practice; analyses the effects of the regulatory framework of accounting, finance and business; and explores alternatives to, and explanations of, past and current practices.
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