The Value of Values: Does Focusing on Sustainability Provide a Competitive Advantage in Forecasting Earnings?
利用机器学习分析电话会议记录，发现关注可持续性的分析师能更准确预测盈利，且市场对其修正反应更强，这种优势在小公司、成长公司及实质性可持续问题上更显著。
ABSTRACT We identify sustainability‐focused analysts using recent advances in machine learning combined with conference call transcripts. Sustainability‐focused analysts issue more accurate earnings forecasts, and the stock market reacts more strongly to their revisions. The forecasting advantage of sustainability‐focused analysts is amplified for material sustainability issues, small firms, and growth firms. Consistent with a learning curve in understanding how sustainability issues relate to future performance, we find that less experienced analysts are less likely to focus on sustainability and that they reap fewer benefits in forecast accuracy when they do so. Our results suggest that far from being an inefficient use of time and resources, focusing on sustainability provides a competitive advantage in one of the most pivotal steps in valuation: forecasting earnings.