会计学院第93期学术沙龙
Spotting the winners: analysts’ corporate site visits and firm fundamentals

报告人：王玉涛副教授（中央财经大学会计学院）

主持人：金 智副教授（西南财经大学会计学院）

时 间：2017年6月6日（周二），15:30~17:00

地 点：西南财经大学柳林校区通博楼D208教室

主 办：西南财经大学会计学院，科研处

报告人简介：王玉涛，清华大学博士，现为中央财经大学会计学院副教授。在《Review of Accounting Studies》，《会计研究》，《金融研究》，《中国工业经济》等期刊发表论文多篇，主持国家自然科学基金以及教育部人文社科基金多项。

内容简介：This study shows that analysts’ interests in visiting a firm, measured by the number/ratio of analysts who visit a firm in current year without issuing earnings forecast for that firm, predict a firm’s future fundamentals and capital market activities. We find that a change in analyst interest is associated with firm fundamentals such as forthcoming EPS change and forthcoming revenue change, and such change in analyst interest is also associated with capital market activities such as the increase in analyst coverage, the increase in the number of institutional owners, and future stock returns. Taking advantage of a regulatory shock in 2012 that mandates firms to disclose site visits in a more timely manner, we further examine and find the association between analyst interest and firm’s fundamentals is more pronounced in the post-2012 period compared with the pre-2012 period. This lends credence to the analyst learning hypothesis. Overall, our results show that analysts obtain information about firm fundamentals through site visits, which offers a one-step-ahead advantage for analysts to understand firm’s fundamentals. This increase in analysts’ interest also has stock market implications.