讲座题目: Long-term Analysis: Evidence from Analyst Reports
主讲嘉宾: 谭红平
时 间:2022年12月14日(星期三)上午8:30—10:30
腾讯会议:384-958-278
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江南大学商学院
2022年12月8日
主讲嘉宾简介
谭红平(Hongping Tan),麦吉尔大学(McGill University)会计和金融学教授,博士生导师。博士毕业于加拿大皇后大学。曾先后在加拿大约克大学商学院,加拿大滑铁卢大学会计与金融学院、美国纽约州立大学布法罗校区等校任职。在Journal of Accounting and Economics, Journal of Financial Economics, Journal of Accounting Research, The Accounting Review等顶级期刊发表论文多篇。任国际权威期刊Contemporary Accounting Research编委会成员(2017-2020),Asia-Pacific Journal of Financial Studies副主编(2017年至今),主要研究金融信息披露、分析预测、国际资本市场等问题,教授公司金融、投资、财务报表分析等课程。
讲座主要内容
Using textual analysis of long-term focus for a large sample of analyst reports for U.S. firms during 1996 to 2021, we find that reports with more long-term focus are more accurate and less optimistic in earnings forecasts. Market reactions to stock recommendations and textual tone increase with long-term focus. Long-term focused reports discuss more fundamental valuation parameters such as cash flows, growth rates, risks, and strategic plans. Further analysis shows that coverage by long-term focused analysts alleviates management pressure to take myopic corporate actions. Our findings justify the call for long-term equity analysis to increase the quality of analyst research.