Before an Analyst Becomes an Analyst: Does Industry Experience Matter?
研究发现，分析师若在预测的行业有先前工作经验，其预测更准确，盈利修正引发的市场反应更强，且更易被评为全明星分析师。行业经验对分析师有价值，机构投资者也看重这一点。
ABSTRACT Using hand‐collected biographical information on financial analysts from 1983 to 2011, we find that analysts making forecasts on firms in industries related to their preanalyst experience have better forecast accuracy, evoke stronger market reactions to earning revisions, and are more likely to be named Institutional Investor all‐stars. Plausibly exogenous losses of analysts with related industry experience have real financial market implications—changes in firms’ information asymmetry and price reactions are significantly larger than those of other analysts. Overall, industry expertise acquired from preanalyst work experience is valuable to analysts, consistent with the emphasis placed on their industry knowledge by institutional investors.