Analyst Research Activity During the COVID‐19 Pandemic
研究发现，新冠疫情大流行期间分析师的研究活动增加，预测修正更频繁，且投资者更重视分析师的价格发现功能而非信息解读功能。
This paper documents that, in response to the COVID‐19 pandemic, analysts increase their research activity and significantly revise their forecasts when compared to the pre‐pandemic period. Uncertainty‐adjusted forecast errors are either comparable or smaller during the pandemic compared to the pre‐pandemic period. Investor attention and price reactions to analyst forecast revisions are higher during the pandemic and the effect is stronger in periods where investors actively search for information about firms. During the pandemic, investors value analyst price discovery role more than their role in interpreting public information. Jointly, the results suggest that analysts play an important information intermediation role during the COVID‐19 pandemic.