东财•会计与财务论坛2019年第3期(总第88期)

2019年10月12日
【讲座日程】
讲座题目
主讲人
时间
地点
Informal Information Seeking and Analyst Forecasts
王玉涛
教授
1014
8:30-10:00
劝学楼245
反收购条款与企业投资偏好
陈克兢
副教授
1014
10:20-11:30
学术研究与论文写作
王玉涛
教授
1014
14:30-16:30
【内容摘要】
Informal Information Seeking and Analyst Forecasts
 
ABSTRACT
 
Drinking facilitates seeking and sharing of informal information among investors in China. This study identifies analysts’ informal information seeking as conducting site visit to firms located in drink-pervasive districts, and examines the influences of this informal information seeking on analysts’ forecast accuracy. Taken non-visiting analysts and the firms located in lower drinking regions as control, empirical evidences show that the forecast accuracy improved more when they visit the firms located in drinking-pervasive district. The results are more pronounced when the brokerage of visiting analysts are also located in drinking-pervasive regions. We also find that the results are stronger for more complexed firms, i.e. firms with more R&D expenditures and less concentrated business lines. The effect of informal information seeking is weaker in SOEs and after 2012’s constraint of drinking. Collectively, these results indicate that financial analysts need more informal information to make internal decision to issue their forecasts when the firms hard to understand by them, and can obtain informal information through informal way i.e. drinking. Hence, this paper contributes to studies that examine informal information-seeking and decision-making process performed by analysts, which are called for by Brown et al. (2015).
【主讲人简介】
王玉涛,中国人民大学商学院教授、博士生导师。清华大学管理学博士,香港中文大学会计学博士后,美国德克萨斯州立大学、香港大学、香港中文大学访问学者,中国注册会计师、中国资产评估师。在Review of Accounting StudiesRAST)、Contemporary Accounting ResearchCAR)、China Accounting and Finance ReviewCAFR)、China Journal of Accounting ResearchCJAR)、《金融研究》、《会计研究》、《中国会计评论》、《审计研究》、《中国工业经济》等国内外学术期刊发表论文30余篇。主持国家自然基金两项、教育部基金一项、香港政府General Research Fund一项、中国人民大学科学研究基金一项、中央财经大学青年科研创新团队项目和中央财经大学教学方法研究项目一项;另外,参加国家自然基金项四项、国社科项目两项(一项为重点项目)、教育部项目三项、中央财经大学教育教学课题一项。获得财政部全国会计高端学术(后备)人才,中国人民大学杰出青年学者等称号。
 
               撰稿人:于悦                                            审稿人:刘行