Do Analysts and Their Employers Value Access to Management? Evidence from Earnings Conference Call Participation
研究以分析师在财报电话会议Q&A环节中是否被邀请优先提问作为接触管理层的衡量指标，发现这些早期参与者在券商关闭后更易在劳动力市场成功，表明接触管理层对买卖方雇主均有价值。
Abstract The literature examining analyst activity assumes that access to management is valued by analysts and their employers. We propose a readily observable measure of access: How often an analyst is invited to be among the first to ask questions in the Q&A session of an earnings conference call. These “early participants” are more successful in the labor market than peers from the same brokerage when their brokerages close. Our results show that access is valued by both sell-side and buy-side employers and reflects connectivity to management as well as analyst skill dimensions not captured in traditional measures of performance.