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[Seminar] 財金系 11/07 (二) 下午 15:30 邀請 Hong Kong Polytechnic University 的魏國強教授演講
活動起日:2017-11-07 
發佈日期:2017-10-26 
瀏覽數:204  2017-10-26 更新

本系擬於 11/07 () 邀請 Hong Kong Polytechnic University 的魏國強教授至本所進行專題演講,相關訊息如下:

 

【演講訊息】

時間: 11/07 () 15:30-17:00

地點: 管理學院一號館 2 冠德講堂

講者: 魏國強教授

講題: Do Analysts Improve Investment Efficiency?

 

Abstract:

To maximize firm value managers must efficiently invest new capital. This paper examines whether analyst coverage impacts a firm’s investment efficiency. Using broker mergers and closures as exogenous shocks to the number of analysts covering a firm, we find that firm investment efficiency decreases by 37% after losing an analyst coverage. The impact is largest for firms with the fewest number of analysts. We find evidence that the effect is driven by the role analysts play in information acquisition and in price efficiency. Our results suggest that the recent decline in analyst coverage may negatively impact future firm performance.