Peer Effects in Equity Research
研究同一券商中覆盖不同公司的分析师之间的同伴效应，发现处于信息网络中心位置的分析师能更好地利用同事信息并产出更优研究，基于其预测修正的投资组合年化收益可达24%。
Abstract We study the importance of peer effects among sell-side analysts who work at the same brokerage house, but cover different firms. By mapping the information network within each brokerage, we identify analysts who occupy central positions in the network. Central analysts incorporate more information from their coworkers and produce better research. Using shocks to network structures around brokerage mergers, we identify the influence of peer effects and the importance of industry expertise on analysts’ performance. A portfolio strategy that exploits the forecast revisions of central analysts earns up to 24% per annum.