The Role of Trust in Information Processing: Evidence from Security Analysts
研究发现，证券分析师的信任水平影响其对外部信息的处理速度和权重，信任度适中的分析师预测最准确，而过度信任或信任不足都会降低准确性，但工作经验可削弱这一影响。
ABSTRACT Does an equity analyst's trust in others impact the processing of information from outside sources? We investigate this question using a measure of trust based on surveys conducted in analysts' countries of origin. We find that more trusting analysts not only react faster to management guidance and earnings announcements, they also weight information from management and other analysts more heavily than less trusting analysts. This results in a nonlinear inverted-U relationship with forecast accuracy. Analysts with low trust place too little weight on outside information, while analysts with high trust place too much weight and are, thus, both less accurate than “medium” trust analysts. This effect on accuracy is weaker for those with more on-the-job experience, indicating that analysts rely less on their cultural trust beliefs as they learn more about the quality of information sources. JEL Classifications: M41; G17. Data Availability: Data are available from the sources cited in the text.