Does Industry Competition Influence Analyst Coverage Decisions and Career Outcomes?
研究发现分析师更可能覆盖与其已覆盖公司存在竞争关系的企业，且竞争强度影响覆盖决策；覆盖产品市场竞争对手的分析师更易获得明星分析师地位。
Abstract We analyze whether industry competition influences analyst coverage decisions and whether analysts benefit from covering product market competitors. We find that analysts are more likely to cover a firm when this firm competes with more firms already covered by the analyst. We also find that the intensity of competition among these competitors is additionally important to the coverage decision. Moreover, we find that analysts who cover product market competitors are more likely to obtain analyst star status. These results are consistent with the importance to analysts of industry competition and product market knowledge accumulated through covering product market competitors.