一、主讲学生与论文题目：
曲朗宁（2017级博士生）
Paper1：She goes all out: Female analysts’ corporate site-visiting
Paper2: Clients Motivated Analysts? Evidence from Timeliness of Affiliated Analysts Forecasts in China
Paper3:Cater to the clients with better accuracy? Evidence from Affiliated Analysts Forecasts in China
二、时间：2024年11月25日（周一）晚上19:00-21:00
三、地点：腾讯会议
四、点评与讨论教师：
魏 旭 中央财经大学金融学院 副院长、教授
吴偎立 中央财经大学金融学院 副教授
朱菲菲 中央财经大学金融学院 副教授
五、主持人：魏旭 中央财经大学金融学院 副院长、教授
六、论文摘要
Paper1: She goes all out: Female analysts’ corporate site-visiting
Based on a unique Chinese database of 12,004 analyst site visits from 2012 to 2020, this study unveils gender differences in the sell-side analysts’ information acquisition process. Female analysts conduct nearly three times as many site visits as male analysts, leading to significantly higher earnings forecast accuracy. The effect is more pronounced for companies with greater information asymmetry and managerial overconfidence. Apart from the improved forecast earnings accuracy, female analysts tend to predict more cautiously after site visits. Additionally, female analysts also seem more likely to become star analyst after frequent site visits.
Paper2: Clients Motivated Analysts? Evidence from Timeliness of Affiliated Analysts Forecasts in China
We study the driving force behind the timeliness of earnings per share (EPS) forecasts made by the fund-affiliated sell-side analysts. Using a unique Chinese dataset, our findings suggest that fund-affiliated analysts issue forecasts approximately one day earlier than non-affiliated peers. When confronted with key clients, affiliated analysts tend to be more timely, indicating the influence of fee pressure on the timeliness of forecasts among affiliated analysts. This timely preference is particularly significant when the clients’ holdings involve opaque information or release positive news during financial reporting periods. Besides, these timely forecasts exhibit relative accuracy, and the affiliated analysts and their brokerages will also benefit.
Paper3: Cater to the clients with better accuracy? Evidence from Affiliated Analysts Forecasts in China
This study examines the impact of fund-affiliated relationships on the accuracy of earnings per share (EPS) forecasts made by sell-side analysts using a unique Chinese dataset. We find that the affiliated analysts are 3.16% more accurate in absolute terms and 5.14% more accurate in relative terms than their non-affiliated counterparts at the average level. As fund-affiliation strengthen, the motivation for accuracy increases. The gap in forecast accuracy between affiliated and non-affiliated analysts widens when forecasting the earnings of more challenging target companies. These findings suggest that affiliated analysts are driven to enhance their forecasting abilities, resulting in long-term benefits for both the analysts and their brokerages.
备注：中财-蒂尔堡项目闭门论坛，仅限项目师生参加
撰稿：张莹
审核：魏旭
