演讲主题：Do Analysts Improve Investment Efficiency?

主 讲 人：史伟博士（澳大利亚迪肯大学商学院）

主 持 人: 余明桂教授

时    间：2019年10月24日（星期四）14:30—15:45

地    点： 文泉楼南106实验室

演讲摘要： 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 significantly decreases after losing an analyst. 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. The results suggest that the recent decline in analyst coverage may negatively impact resource allocation and future firm performance.

演讲者简介: 史伟博士，2014年获得香港科技大学会计学博士学位，于2014-2018年就职于挪威经济学院，2018年多伦多大学罗特曼商学院访问学者。现就职于澳大利亚迪肯大学商学院，任会计系助理教授。研究方向主要为经理人薪酬，公司投融资，信息披露以及监管的经济后果。在Journal of Contemporary Accounting and Economics期刊发表论文，目前有多篇论文在管理和会计的顶级期刊审稿或修改（R&R）。