Security analyst firm reputation and investors’ response to forecasted stocks in the biotechnology sector

ABSTRACT

Stock analyst reputation bridges the gap between technical knowledge of the high-technology and the investor's response to its stock, implying that the reputation of the stand-alone analyst serves this purpose. However, global firms have a stronger influence on their stock analysts than do small firms with 2 personnel. Does firm reputation affect the individual analyst and attract investor attention to forecasted stocks? Evidence from SAFs (security analyst firms) in the biotechnology sector supports this question and proposition. Four moderators (interactive predictors of organisational reputation) show positive correlations. They are the SAF's age, size, performance, and media coverage. These organisational level measures contribute to the institutional theory compared to the literature that focuses on the individual analyst without their organisations. In line with institutional theory, we make three explicit points. First, high uncertainty in the biotechnology sector turns investors to the organisational legitimacy and reputation of the analyst. Second, the organisational age, size, performance and media coverage of the security firm reduces uncertainty of the investor in the biotechnology sector. Third, the reputation of security firm flow to its individual analysts as well as from the individual analyst to the security firm. Thus, the organisational context matters in a social setting.     

An Empirical Analysis of Analysts' Capital Expenditure Forecasts: Evidence from Corporate Investment Efficiency*

We examine whether the information conveyed in a relatively new analyst research output—capital expenditure (capex) forecasts—affects corporate investment efficiency. We find that firms with analyst capex forecasts exhibit higher investment efficiency. This effect is stronger when the forecasts are issued by analysts with higher ability or greater industry knowledge. Moreover, the effect of capex forecasts on investment efficiency varies with the signals they convey about future growth opportunities—positive-growth signals are more effective in reducing underinvestment, while negative-growth signals are more effective in reducing overinvestment. Cross-sectional tests suggest that these effects operate at least in part through both a financing channel and a monitoring channel. Taken together, our results suggest that analysts' capex forecasts convey useful information about firms' growth opportunities to managers and investors, which can facilitate efficient investment.     

Analyst Following and Market Liquidity*

This paper investigates the relation between analyst characteristics (number of analysts following a firm and their forecast dispersion) and market liquidity characteristics (bid‐ask spreads and depths and the adverse‐selection component of the spread). Prior research has found contradictory results on the relation between analyst following and market liquidity and has offered differing theories on how analysts affect liquidity. While prior research has posited analysts as proxies for privately informed trade or as signals of information asymmetry, I hypothesize that analysts provide public information, implying that analyst following (forecast dispersion) should have a positive (negative) association with liquidity. Cross‐sectional simultaneous estimations provide support for this hypothesis. The results are both statistically significant and economically important. Granger causality tests indicate that analyst characteristics lead market liquidity characteristics. These results clarify the role of analysts in providing information to financial markets and highlight benefits of increased analyst following.     

董事高管责任保险与企业财务困境风险——基于A股上市公司的经验证据

以2006-2015年A股上市公司为样本,检验董事高管责任保险对企业财务困境风险的影响及其作用机制。研究发现：购买董事高管责任保险有助于降低企业的财务困境风险,保险公司的监督作用是企业财务困境风险降低的主要原因;高质量的内部控制或较多的分析师跟踪能减弱董事高管责任保险对企业财务困境风险的治理效用;产权性质则未产生显著的影响。     

The determinants of analyst-firm pairings

This paper explores the determinants of observed analyst-firm pairings. We adopt an analyst/brokerage house perspective that allows us to examine not only firm-level characteristics as in prior research, but also attributes of the analyst and the analyst’s brokerage house that may drive these pairings. Our empirical analyses provide two primary insights. First, analyst characteristics such as industry expertise and relative experience, and brokerage house characteristics such as continuity of coverage, are associated with the decision to follow a firm. Second, there is substantial variation in the association between firm, analyst, and brokerage house characteristics and the decision to follow a firm; this occurs across individual analysts as well as across different types of brokerage houses. Overall, our results provide further insights into the factors leading to observed analyst-firm pairings, and indicate that these factors vary across analysts and their brokerage houses – suggesting richer associations than the average firm-level relationships documented by prior research.     

“走出去”企业的国际人力资源战略选择研究

文章从战略性国际人力资源管理的视角，通过对“走出去”样本企业人力资源配置情况的调查研究，探讨“走出去”企业的国际人力资源战略管理问题。总体上看，中国“走出去”企业大多数采用“遵从母制”的国际人力资源战略。从具体东道国情况看，进入发达国家的企业，在研发管理负责人、供应采购负责人和生产技术负责人方面，会偏向录用东道国员工；进入发展中国家的企业，上述三个主要负责人会更多地任用外派人员，也就是录用母国的员工。     

‘If it comes from Juazeiro,it’s blessed’! Liquid and solid attachment in systems of object itineraries of pilgrimages

ABSTRACT

Building on an interpretive approach, we employ the multi-sited ethnographic methods of ‘following the thing’ and ‘following the people’ to track the movements of consumers and objects during a Catholic pilgrimage in the Northeast region of Brazil. We find a system of object itineraries that exemplifies how pilgrims liquefy and solidify attachments to objects to relate to God and saints during movements between their home and the sacred site. We expand perceptions by showing how materiality and relevance to the self can be important even in liquidity. Our findings have implications to the understanding of consumption of the spiritual and liquid/solid attachment to sacred objects.     

分析师的估值模型会影响评级的信息含量吗?

本文基于2014—2018年发布的沪深两市A股上市公司深度研究报告,考察了分析师报告中关于估值方法的描述,探究分析师估值模型的选择是否会对其投资意见的信息含量产生影响。研究发现,分析师采用绝对估值模型能够提高评级调整的市场反应,具有一定的增量价值。进一步分组检验发现,在公司成长性较高、不确定性较大、券商实力较弱、分析师之间的竞争程度较高的情况下,使用绝对估值模型对于提高分析师评级调整的信息含量作用更大。本文的研究结论对于理解分析师估值过程的价值和有效性以及分析师研究报告信息含量的影响因素具有重要意义,并为投资者如何使用和评价分析师研究报告提供了一定的参考。     

An exploration of the environmental and rider characteristics associated with disability paratransit trip delay

Over the past two decades, a number of studies have been published on the efficiency of paratransit service for persons with disabilities. Although speed, delay, and pick-up duration can significantly affect overall efficiency of paratransit service, studies that have focused on these performance measures have been rare. This study examines how these performance measures are associated with local environmental characteristics such as density and the characteristics of the trip makers. It uses a dataset containing detailed information on a large volume of trips made by the registered clients of Access Link, a paratransit service operated by NJ TRANSIT for persons with disabilities. To measure speed and delay, network distances for 1.91 million trips were estimated by the ArcGIS Network Analyst extension. Analysis of variance and regression models were used to examine the associations between the performance measures and a set of variables pertaining to trips, passengers, and characteristics of pick-up and drop-off locations. Models for the entire study area as well as specific Access Link regions show that there is a significant association between local environmental and personal characteristics of passengers and the performance measures. Evidence was found that higher density of population, employment, and intersections at the local level may have a significant adverse effect on service efficiency because of lower speed and higher delay. Planning implications of the findings are discussed.