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The differential effects of product market competition on individual analysts
Resource type
Author/contributor
- Chung, Hanyong (Author)
Title
The differential effects of product market competition on individual analysts
Abstract
This study examines how product market competition differentially affects existing versus new analysts. I find that new analysts' coverage increase is significantly higher than the existing analysts' coverage increase when a portfolio firm faces high competition, suggesting existing analysts’ tendency to avoid competition among analysts for their career success. I also find that new analysts' one-year earnings forecasts accuracy decrease is significantly larger than the one of the existing analysts when the portfolio firm faces high competition. These findings indicate that existing analysts consider the situation firm faces, product market competition, and they are more competent than new analysts.
Publication
Finance Research Letters
Date
2023-12-01
Volume
58
Pages
104455
Journal Abbr
Finance Research Letters
Citation Key
chungDifferentialEffectsProduct2023
Accessed
9/21/23, 2:07 PM
ISSN
1544-6123
Library Catalog
ScienceDirect
Extra
0 citations (Crossref) [2023-10-31]
Citation
Chung, H. (2023). The differential effects of product market competition on individual analysts. Finance Research Letters, 58, 104455. https://doi.org/10.1016/j.frl.2023.104455
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