主题：Getting Feedback on your Research: Evidence from Analysts（从你的研究获得反馈：由分析师获得的启示）
主讲人：Roger K. Loh，新加坡管理大学李光前商学院金融学副教授
We investigate how analysts learn about the quality of their research from the stock-price reaction to their reports. We find strong evidence that analysts who issue influential recommendation changes in the current quarter are more likely to issue recommendation changes next quarter. These future recommendation changes are also more likely to be influential. In cross-sectional tests, we find that these feedback effects are driven by an information channel where capacity constrained analysts quickly translate the information in the successful report onto other firms; and a skill channel where analysts update their priors about their skill from the market’s endorsement of their research.
Roger K. Loh is an Associate Professor of Finance at Lee Kong Chian School of Business, Singapore Management University. He received Bachelor and Master degrees from National University of Singapore, and Ph.D. degrees from Ohio State University. His research interests include security analysts, empirical asset pricing and behavioral finance. His research has been published in the Review of Financial Studies and Journal of Financial Economics.