Analysts' Cultural Long‐Term Orientation and Their Information Production
研究分析师继承的文化长期导向如何影响其长期信息生产及股票推荐盈利性，发现长期导向分析师预测更准、更多长期预测，推荐更盈利。
ABSTRACT We study how analysts' inherited cultural attitudes to time orientation affect their production of long‐term information and the profitability of their stock recommendations. We find that analysts from long‐term‐oriented cultures exhibit a longer forecast horizon and issue more long‐term forecasts. They also produce more accurate long‐term forecasts and ask more long‐term‐focused questions during conference calls, eliciting greater long‐term disclosure from managers. In addition, they are more likely to use discounted valuation models that explicitly incorporate expectations about firms' long‐term prospects. Further, their stock recommendations are more profitable, consistent with their production of long‐term information enhancing valuation. Our findings highlight the role of cultural long‐term orientation in shaping analysts' information production in capital markets.