时 间：2018年9月26日（周三）下午13:30
地 点：浙江大学紫金港校区行政楼502会议室
主讲人：岑岭副教授，香港中文大学商学院
题 目：Do Analysts and their Employers Value Access to Management? Evidence from Earnings Conference Call Participation
摘 要：
A large literature examining analyst activity is premised on the idea that analysts and their employers benefit from access to management. We propose a readily observable indicator of access and show that access is valued by analysts and their employers. Our measure is based on the idea that analysts who are invited to ask the first questions in the Q&A session of an earnings conference call enjoy special access to management. These “early participants” are more successful in the labor market than peers from the same brokerage when their brokerages close. New sell-side employers are more likely to nitiate coverage of stocks for which an analyst was an early participant. Early participants are more accurate in forecasting earnings and more optimistic in their stock recommendations. Our results indicate that our early participation measures reflect both connectivity to management as well as dimensions of analyst skill not captured in traditional measures of performance.
主讲人简介：
岑岭是香港中文大学商学院金融学副教授。岑教授的早期研究着重于行为金融学，即心理和行为偏误如何影响个人投资者和机构投资者的投资决策。在岑教授近期的研究中，他对公司财务和运筹学进行了跨学科研究，重点关注供应链关系在企业财务决策的各个方面起到的作用。最近，他对买方和卖方金融分析师在企业财报会议中所起到的作用做了深入的研究。岑教授的成果在其研究领域中产生了重大影响，他的论文发表于众多有影响力的世界顶级学术期刊中，包括Journal of Financial Economics, Management Science, Accounting Review, Journal of Financial and Quantitative Analysis和Review of Finance。岑教授现任International Review of Finance副主编。
