Ties That Bind: The Value of Professional Connections to Sell-Side Analysts
研究发现，与所覆盖公司高管有共同工作经历的分析师，其盈利预测更准确，推荐更有信息量，且在电话会议中更活跃，同时为券商带来更多交易佣金，为企业带来研究覆盖和会议邀请。
We examine professional connections among executives and analysts formed through overlapping historical employment. Analysts with professional connections to coverage firms have more accurate earnings forecasts and issue more informative buy and sell recommendations. These analysts are more likely to participate, be chosen first, and ask more questions during earnings conference calls and analyst/investor days. Homophily based on gender, age, and ethnicity is orthogonal to professional connections. Brokers attract greater trade commissions on stocks covered by connected analysts. Firms benefit through securing research coverage and invitations to broker-hosted investor conferences emulating from these connections. This paper was accepted by Lauren Cohen, finance.