Information Complementarities and Supply Chain Analysts
研究分析师为何选择成为供应链分析师（同时跟踪供应商及其大客户），发现供应链内信息互补性、供应商行业同行及客户组合中的其他企业影响这一决策，且供应链分析师对供应商的预测更准但对组合内其他企业预测较差。
ABSTRACT This study examines the antecedents and consequences of analysts choosing to become supply chain analysts (i.e., analysts following both a supplier and its major customer). We find that information complementarities between firms in the same supply chain, between a supplier firm and its industry peer firms, and between the supplier's major customer and other firms in analysts' portfolio affect their supply chain specialization decision. The potential revenues supplier firms generate for analysts' brokerage houses also significantly affect this decision. While supply chain analysts achieve superior forecast performance compared to non-supply chain analysts for supplier firms, they provide lower-quality forecasts for other firms in their portfolios. These findings suggest that analysts allocate resources strategically. Our results are robust to techniques designed to address the potential endogeneity of analysts' supply chain portfolio choices.