主题：Do Analysts Improve Investment Efficiency?

　　主讲人：Wei Shi, Norwegian School of Economics

　　时间：Thursday, December 21th, 9:30-11:00 am

　　地点：B129

　　主办单位：Department of Accounting, Wuhan University

　　讲座摘要：

　　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 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 analyst play in information acquisition and in price efficiency. Our results suggest that the recent decline in analyst coverage may negatively impact future firm performance.

　　主讲人简介：

　　Wei Shi is an Assistant Professor of Accounting at Norwegian School of Economics (NHH). He earned a Ph.D. degree in Accounting from The Hong Kong University of Science and Technology (HKUST) in 2014. He holds a M.A. in Accounting and a B.A. in Business Administration from Wuhan University. His research mainly focuses on voluntary disclosure, executive compensation, the role of financial analyst in the capital market and the valuation implication of accounting numbers. He is the member of American Accounting Association (AAA) as well as European Accounting Association (EAA).

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