讲座题目：Long-term Analysis: Evidence from Analyst Reports

主讲嘉宾：谭红平

时 间：2022年12月14日（星期三）上午8：30—10：30

腾讯会议：384-958-278

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江南大学商学院

2022年12月9日

主讲嘉宾简介

谭红平（Hongping Tan），麦吉尔大学（McGill University）会计和金融学教授，博士生导师。博士毕业于加拿大皇后大学。曾先后在加拿大约克大学商学院，加拿大滑铁卢大学会计与金融学院、美国纽约州立大学布法罗校区等校任职。在Journal of Accounting and Economics, Journal of Financial Economics, Journal of Accounting Research, The Accounting Review等顶级期刊发表论文多篇。任国际权威期刊Contemporary Accounting Research编委会成员（2017-2020），Asia-Pacific Journal of Financial Studies副主编（2017年至今），主要研究金融信息披露、分析预测、国际资本市场等问题，教授公司金融、投资、财务报表分析等课程。

讲座主要内容

Using textual analysis of long-term focus for a large sample of analyst reports for U.S. firms during 1996 to 2021, we find that reports with more long-term focus are more accurate and less optimistic in earnings forecasts. Market reactions to stock recommendations and textual tone increase with long-term focus. Long-term focused reports discuss more fundamental valuation parameters such as cash flows, growth rates, risks, and strategic plans. Further analysis shows that coverage by long-term focused analysts alleviates management pressure to take myopic corporate actions. Our findings justify the call for long-term equity analysis to increase the quality of analyst research.