Does the All‐Star Award Affect Chinese Analysts' Performance? Evidence From a Regression Discontinuity Design and the Field
利用2007-2016年投票数据和断点回归设计，发现全明星奖显著提升中国分析师的盈利预测准确性和股票推荐信息含量，获奖后分析师集中覆盖更少行业、更多公司，增加调研和路演。
ABSTRACT This paper examines the effect of the All‐Star award on the performance of Chinese financial analysts. Leveraging unique voting data from 2007 to 2016 and a regression discontinuity design (RDD), we find that the All‐Star award significantly enhances recipients' fundamental analysis. Awarded analysts issue more accurate earnings forecasts, and their stock recommendations convey greater information content for firms with higher information asymmetry. RDD results also indicate that award recipients gain increased resources and greater flexibility in reallocating time and effort. Post award, analysts concentrate on fewer industries, cover more firms within each industry, issue forecasts more frequently, expand their teams, and conduct more site visits. Surveys of analysts and institutional investors corroborate these findings, highlighting increases in site visits and roadshows following the award. Overall, the results suggest that the All‐Star award boosts analyst performance by fostering more concentrated coverage and improving access to both internal and external resources.