明星CEO、信息渠道与分析师行为

Star CEO,Information Channels and Analysts'Behavior

企业CEO成为行业明星具有信息效应,因而以2008-2017年福布斯中文网、财富中文网等主流财经媒体对中国企业颁发的"最佳CEO"等榜单的数据,利用双重差分模型研究了企业CEO成为行业明星对分析师行为的影响。研究发现:CEO成为行业明星能吸引更多新闻媒体的关注与报道,进而可提升分析师对明星CEO所在企业的关注度,并可降低分析师的盈余预测偏差与预测分歧度。进一步研究发现:明星CEO能提高分析师的关注度与盈余预测精确度,原因在于分析师可通过多种信息渠道获取信息和提高信息质量。

Once becoming stars in their industries, the CEOs of the enterprises will have information effects. This paper makes use of the data of the lists of Chinese enterprises, such as the "Best CEOs", issued by mainstream financial medias, i.e., Forbes China and Fortune China, during2008--2017 to study the impact of corporate CEOs becoming stars within their industries on the analysts’ behaviors with the DID model. The findings show that once becoming stars, CEOs will attract more attention and focus from the news medias, thereby increasing the attention of the analysts to their enterprises and reducing the earnings forecast bias and the degree of forecast differences of the analysts. Further investigation shows that star CEOs can improve analysts’ attention and the accuracy of their earnings forecasts. The reason lies in the fact that analysts can obtain information from multiple information channels and improve information quality.