Is Sell‐Side Research More Valuable in Bad Times?
研究了经济糟糕时期分析师研究报告的价值变化，发现此时分析师修正的股价影响更大、预测误差相对降低、报告更频繁详尽，且对难估值公司影响更显著。
ABSTRACT Because uncertainty is high in bad times, investors find it harder to assess firm prospects and hence should value analyst output more. However, higher uncertainty makes analysts’ tasks harder, so it is unclear whether analyst output is more valuable in bad times. We find that in bad times, analyst revisions have a larger stock‐price impact, earnings forecast errors per unit of uncertainty fall, and analyst reports are more frequent and longer. The increased impact of analysts is also more pronounced for harder‐to‐value firms. These results are consistent with analysts working harder and investors relying more on analysts in bad times.