Industry-specific Knowledge Transfer and the Quality of Analyst Forecasts:Evidence from Brokerage Institutional Mergers and Acquisitions
At present,the frequent occurrence of"research report gate"incidents makes how to improve the quality of analyst forecast a hot topic in the academic circle.As an effective way for brokerage companies to obtain external knowledge resources,merger and acquisition(M&A)is an important means for analysts to improve their business level.To this end,this paper builds a multi-time point DID model with the help of M&A events of brokerage institutions,and explores the impact of industry-specific knowledge on the quality of analysts'forecasts from the perspective of knowledge transfer.The results show that the merger and acquisition of brokerage firms can effectively improve the quality of analysts'forecasts and reduce the bias and divergence of their forecasts;and this improvement effect is more obvious in merger events like absorption mergers and holding mergers.Further research finds that when the geographical distance of the customer company is short,the knowledge gap of the analyst is large,and the working life is short,the improvement effect of the analyst forecast quality after the merger is more obvious.From the perspective of knowledge transfer,this study clarifies the influencing factors and mechanism of analysts'forecast quality,which has important reference value for regulators to formulate and improve the policies related to mergers and acquisitions of brokerage institutions.
brokerage institution merger and acquisitionknowledge transferquality of analyst forecastsindustry expertise
万方数据
维普
