Coverage Changes and Earnings Forecast Accuracy
研究发现，当金融分析师开始或停止跟踪某家公司时，其首次和最后一次盈利预测的准确性均低于同行，且这一结果并非由新手或即将退休的分析师导致。
We examine the effect on earnings forecast accuracy when financial analysts add or drop coverage. We find that the accuracy of analysts’ first forecast for a firm (newly added coverage) is lower relative to their peers. In addition, the accuracy of their last forecast (just before coverage is dropped) is lower relative to their peers. Further analysis shows that our results are not driven by the rookie analysts (analysts with less than 1-year experience) or retiring analysts (i.e., analysts who are within their final year before retiring).