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Does equity analyst research lack rigour and objectivity? Evidence from conference call questions and research notes

Does equity analyst research lack rigour and objectivity? Evidence from conference call questions and research notes

 Salzedo, Catherine.
 2018.
 p. 5-36. English
Finance Research.Nghiên cứu tài chính.Đàm phán thương mại.Analyst reports.Capital markets.Conference calls.Textual analysis.Báo cáo phân tích.+ 1 từ khóa
Tác giả CN Salzedo, Catherine.
Nhan đề Does equity analyst research lack rigour and objectivity? Evidence from conference call questions and research notes / Catherine Salzedo, Steven Young , Mahamoud EL-HAJ.
Thông tin xuất bản 2018.
Mô tả vật lý p. 5-36.
Tóm tắt Doubts have been raised about the rigour and objectivity of sell-side analysts’ research due to institutional structures that promote pro-management behaviour. However, research in psychology stresses the importance of controlling for biases in individuals’ inherent cognitive processing behaviour when drawing conclusions about their propensity to undertake careful scientific analysis. Using social cognition theory, we predict that the rigour and objectivity evident in analyst research is more pronounced following unexpected news in general and unexpected bad news in particular. We evaluate this prediction against the null hypothesis that analyst research consistently lacks rigour and objectivity to maintain good relations with management. Using U.S. firm earnings surprises as our conditioning event, we examine the content of analysts’ conference call questions and research notes to assess the properties of their research. We find that analysts’ notes and conference call questions display material levels of rigour and objectivity when earnings news is unexpectedly positive, and that these characteristics are more pronounced in response to unexpectedly poor earnings news. Results are consistent with analysts’ innate cognitive processing response counteracting institutional considerations when attributional search incentives are strong. Exploratory analysis suggests that studying verbal and written outputs provides a more complete picture of analysts’ work.
Thuật ngữ chủ đề Finance Research.
Thuật ngữ chủ đề Nghiên cứu tài chính.
Từ khóa tự do Đàm phán thương mại.
Từ khóa tự do Analyst reports.
Từ khóa tự do Capital markets.
Từ khóa tự do Conference calls.
Từ khóa tự do Textual analysis.
Từ khóa tự do Báo cáo phân tích.
Từ khóa tự do Thị trường đầu tư.
Tác giả(bs) CN Salzedo, Catherine.
Tác giả(bs) CN Young, Steven.
Nguồn trích Accounting and Business Research- Volume 48, No.1
MARC
Hiển thị đầy đủ trường & trường con
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245[1 0] |a Does equity analyst research lack rigour and objectivity? Evidence from conference call questions and research notes / |c Catherine Salzedo, Steven Young , Mahamoud EL-HAJ.
260[ ] |c 2018.
300[1 0] |a p. 5-36.
520[ ] |a Doubts have been raised about the rigour and objectivity of sell-side analysts’ research due to institutional structures that promote pro-management behaviour. However, research in psychology stresses the importance of controlling for biases in individuals’ inherent cognitive processing behaviour when drawing conclusions about their propensity to undertake careful scientific analysis. Using social cognition theory, we predict that the rigour and objectivity evident in analyst research is more pronounced following unexpected news in general and unexpected bad news in particular. We evaluate this prediction against the null hypothesis that analyst research consistently lacks rigour and objectivity to maintain good relations with management. Using U.S. firm earnings surprises as our conditioning event, we examine the content of analysts’ conference call questions and research notes to assess the properties of their research. We find that analysts’ notes and conference call questions display material levels of rigour and objectivity when earnings news is unexpectedly positive, and that these characteristics are more pronounced in response to unexpectedly poor earnings news. Results are consistent with analysts’ innate cognitive processing response counteracting institutional considerations when attributional search incentives are strong. Exploratory analysis suggests that studying verbal and written outputs provides a more complete picture of analysts’ work.
650[0 0] |a Finance Research.
650[0 0] |a Nghiên cứu tài chính.
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653[0 ] |a Conference calls.
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653[0 ] |a Báo cáo phân tích.
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700[1 ] |a Young, Steven.
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