Common Analysts: Method for Defining Peer Firms
提出一种基于共同分析师覆盖来定义同行企业群组的方法，相比传统行业分类能产生更同质的企业群组，并展示了证券分析机构产生的信息生产正外部性。
Abstract We develop a method for defining groups of peer firms on the basis of joint analyst coverage. Besides industry boundaries, analysts’ coverage choices reflect other aspects of firm relatedness such as business model. We find that the analyst-based method produces substantially more homogeneous groups of firms compared to common industry classifications, and has a number of other desirable properties. The paper has two broader implications. First, it demonstrates the advantages of a self-organizing approach to classification, as opposed to a hierarchical system. Second, it illustrates a new positive information production externality generated by the institution of security market analysis.