The Geography of Equity Analysis
研究发现地理位置邻近的分析师预测更准确，其股票推荐对价格影响更大，尤其在偏远地区；本地关联分析师的推荐无偏，揭示了行业代理问题的地理因素。
ABSTRACT I provide evidence that geographically proximate analysts are more accurate than other analysts. Stock returns immediately surrounding forecast revisions suggest that local analysts impact prices more than other analysts. These effects are strongest for firms located in small cities and remote areas. Collectively these results suggest that geographically proximate analysts possess an information advantage over other analysts, and that this advantage translates into better performance. The well‐documented underwriter affiliation bias in stock recommendations is concentrated among distant affiliated analysts; recommendations by local affiliated analysts are unbiased. This finding reveals a geographic component to the agency problems in the industry.