Information Sharing and Spillovers: Evidence from Financial Analysts
研究同一券商内分析师之间的信息共享如何提高并购后合并公司盈利预测的准确性，发现同事覆盖目标公司能显著提升预测质量，尤其当分析师同地办公、团队较小或目标分析师能力较强时。
We study how information sharing within an organization affects individual performance. We look at situations in which the same analyst, while working at the same broker, covers multiple mergers and acquisitions (M&As), in particular the acquirer prior to the M&A and the merged firm thereafter. We find that earnings forecasts for the merged firm are significantly more accurate when the analyst has a colleague (working at the same broker) covering the target prior to the M&A. This holds particularly true if acquirer analysts and target analysts reside in the same locale, if they are part of a smaller team, and if the target analyst is of higher quality. Our findings highlight the importance of information spillovers on individual performance in knowledge-based industries. This paper was accepted by Amit Seru, finance.