The Boss Knows Best: Directors of Research and Subordinate Analysts
研究发现，研究主管的质量越高，其下属分析师提供的盈利预测越准确、市场反应越强、投资建议越好，职业前景也更佳，同时为券商带来更多交易佣金。
Research departments are managed by directors of research (DORs). Subordinate analysts working for higher-quality DORs provide superior earnings forecasts that elicit stronger market reactions, provide better investment recommendations, and have better career outcomes. For the broker, higher-quality DORs drive more trading commissions. Economically, analysts benefit the most from DOR–analyst industry alignment resulting from DORs’ former analyst experience. We provide several tests to mitigate endogeneity concerns and explore various mechanisms to explain these results. Overall, our article identifies a unique channel whereby the industry-specific and general human capital of top management filters through to individual subordinates and consequently improves organizational performance.