主讲人：笪治（美国圣母大学门多萨商学院）
讲座摘要：We use minute-by-minute Bloomberg online status data to characterize two important dimensions of sell-side equity analysts’ work habits: we estimate the average workday length (AWL) to proxy for analysts’ general effort provision and we use the percentage away day (PAD) to proxy for their soft information production. Both AWL and PAD vary much more across analysts than across time. Controlling for coverage, AWL is positively related to the quantity and the timeliness of analyst forecasts, while PAD is negatively related to quantity but positively related to market reaction to recommendation change and the probability of becoming a star analyst. Both are positively related to forecast accuracy, even after controlling for analyst fixed effects. COVID lockdown provides further causal evidence. Traveling analysts (with high pre-COVID PAD) experience a significant reduction in forecast accuracy during the lockdown, especially among faraway firms. Using pre-COVID analyst commute time to instrument increased AWL during the lockdown, we find a higher AWL to significantly increase output and improve the accuracy of the forecasts.
时间：9月19日（星期二），早上8：30-10：00
线上会议：腾讯会议（会议号：742 272 228）
主讲人简介： 笪治教授是美国圣母大学Mendoza商学院教授，GARP认证的金融风险管理人，美国金融协会与西方金融协会的会员；主要研究领域是实证资产定价和投资。曾多次于国际的知名期刊发表多篇论文，例如 Review of Financial Studies、Journal of Financial Economics、Journal of Financial and Quantitative Analysis 等。他的研究成果荣获了Midwest Finance Association Outstanding Paper、William F. Sharpe Award for Scholarship in Financial Research、CICF Best Paper Award 等多个奖项。
主办：中国互联网经济研究院
此次讲座获得北京高等学校卓越青年科学家计划资助（BJJWZYJH01201910034034），特此致谢。
撰稿：李东阳 排版：张思域
初审：孙宝文 复审：王立勇
