Do Analysts Gain an Informational Advantage by Visiting Listed Companies?
研究发现分析师访问上市公司能显著提高盈利预测准确性，尤其对受忽视或难接触的公司以及来自买方乐观压力较小的券商更有效，表明私人互动提供了信息优势。
ABSTRACT We examine the improvements in forecast accuracy that result from analysts' visits to listed companies. We find that company visits significantly enhance the accuracy of the analysts' earnings forecasts for those companies. The benefit from company visits is more pronounced for companies that are more neglected or less accessible and for brokerage firms that face less pressure for optimistic forecasts from buy‐side clients. Our results are robust and remain significant after controlling for endogeneity and selection bias. Overall, our findings show that private interactions with company management provide analysts with an informational advantage and suggest that company visits facilitate the mosaic approach to information acquisition.