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    Can star analysts make superior coverage decisions in poor information environment?

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    Publication date
    2023-01
    End of Embargo
    2024-02-24
    Author
    Jin, H.
    Mazouz, K.
    Wu, Yuliang
    Xu, B.
    Keyword
    Star analysts
    Coverage decisions
    Return predictability
    Information environment
    Rights
    © 2022 Elsevier B.V. All rights reserved. Reproduced in accordance with the publisher's self-archiving policy. This manuscript version is made available under the CC-BY-NC-ND 4.0 license.
    Peer-Reviewed
    Yes
    Open Access status
    embargoedAccess
    
    Metadata
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    Abstract
    This study uses the quality of coverage decisions as a new metric to evaluate the performance of star and non-star analysts. We find that the coverage decisions of star analysts are better predictors of returns than those of non-star analysts. The return predictability of star analysts’ coverage decisions is stronger for informationally opaque stocks. We further exploit the staggered short selling deregulations, Google’s withdrawal, and the anti-corruption campaign as three quasi-natural experiments that create plausibly exogenous variations in the quality of information environment. These experiments show that the predictive power of star analysts’ coverage decisions strengthens (weakens) following a sharp deterioration (improvement) in firms’ information environment, consistent with the notion that star analysts possess superior ability to identify mispriced stocks. Overall, star analysts make better coverage decisions and play a superior role as information intermediaries, especially in poor information environment.
    URI
    http://hdl.handle.net/10454/19123
    Version
    Accepted manuscript
    Citation
    Jin H, Mazouz K, Wu Y et al (2023) Can star analysts make superior coverage decisions in poor information environment?. Journal of Banking and Finance. 146: 106650.
    Link to publisher’s version
    https://doi.org/10.1016/j.jbankfin.2022.106650
    Type
    Article
    Notes
    The full-text of this article will be released for public view at the end of the publisher embargo on 24 Feb 2024.
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    Management and Law Publications

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