The Value of Differing Points of View: Evidence from Financial Analysts’ Geographic Diversity
利用零售企业停车场的卫星图像衡量地方企业绩效，研究发现分析师将地方信息纳入预测，且分析师地理集中度会增加预测误差、降低企业流动性，市场更看重来自独特地点的分析师预测。
Abstract Using satellite imagery of retail firms’ parking lots to measure time-varying local firm-specific performance, we document that analysts incorporate local information into their forecasts. Analysts rely more on local signals when less firm-wide information is available. This incorporation of noisy local firm information has firm-level implications. Examining across industries, we find causal evidence that geographic concentration of analysts increases consensus forecast errors and decreases firm liquidity. These effects are stronger for harder-to-value stocks. The market values geographic firm information, as the abnormal return around forecast revisions is higher for analysts who cover a firm from a unique location.