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dc.contributor.authorFang, Bingxu
dc.contributor.authorHope, Ole-Kristian
dc.date.accessioned2022-04-25T12:04:59Z
dc.date.available2022-04-25T12:04:59Z
dc.date.created2020-11-02T13:59:18Z
dc.date.issued2020
dc.identifier.citationReview of Accounting Studies volume 26, pages 425–467 (2021)en_US
dc.identifier.issn1380-6653
dc.identifier.urihttps://hdl.handle.net/11250/2992571
dc.description.abstractThis paper examines the impact of teamwork on sell-side analysts’ performance. Using a hand-collected sample of over 50,000 analyst research reports, we find that analyst teams issue more than 70% of annual earnings forecasts. In contrast, most research implicitly assumes that forecasts are issued by individual analysts. We document that analyst teams generate more accurate earnings forecasts than individual analysts and that the stock market reacts more strongly to forecast revisions issued by teams. Analyst teams also cover more firms, issue earnings forecasts more frequently, and issue less stale forecasts. Analysts working in teams are more likely to be voted as All-Star analysts in the future. Among analyst teams, we show that team size and team member ability are significantly associated with forecast accuracy. Moreover, using detailed analyst background information from LinkedIn, we find that forecast accuracy is positively associated with team diversity based on sell-side experience, educational background, and gender. Additional analyses suggest that analyst teams, especially more diverse ones, are more likely to issue cash-flow forecasts and use discounted cash-flow valuation models in their reports. These findings suggest that teamwork and team diversity play a crucial role in understanding sell-side analysts’ performance.en_US
dc.language.isoengen_US
dc.publisherSpringeren_US
dc.titleAnalyst teamsen_US
dc.typeJournal articleen_US
dc.typePeer revieweden_US
dc.description.versionacceptedVersionen_US
dc.source.pagenumber425–467en_US
dc.source.volume26en_US
dc.source.journalReview of accounting studiesen_US
dc.identifier.doi10.1007/s11142-020-09557-6
dc.identifier.cristin1844171
cristin.ispublishedtrue
cristin.fulltextpostprint
cristin.qualitycode2


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