The importance of sell-side analysts’ specialised education in technical sectors: evidence from the chemical manufacturing industry
研究化学制造业中卖方分析师的教育背景如何影响其预测行为和职业结果，发现拥有相关技术学位的分析师能提供更准确的盈利和销售预测，且市场对其反应更强。
This paper studies how sell-side analysts’ educational background affects their forecasting behaviour and career outcomes. Focusing on the chemical manufacturing industry and analysts’ university education, I find that analysts with a matching relevant technological degree provide more accurate earnings and sales forecasts than analysts without one. The matching degree effect on forecast accuracy is more pronounced among firms with high R&D intensity and among analysts in their early career stages. In addition, I find that the market reacts more strongly to forecasts revised and recommendations issued by analysts with a matching degree. Finally, I find that analysts with a matching degree have more favourable career outcomes than analysts who cover the same industry but lack a matching degree.