【 SUIBE思源金融讲坛——学术报告第65期 】:Writing More Tweets or Making Better Forecast?

【内容摘要】

Using hand-collected data on analysts’ activities on WeChat, we investigate how career concerns affect analysts’ effort allocation and their outcomes. We find analysts tend to write more WeChat tweets with more colorful expressions, promotion photos, and the number of words when approaching next Star contest voting period. The effort on writing tweets significantly helps analysts win Star competition, while conventional effort like making more and better forecasts is useless. Instrumented by the number of months since last Star tournament, we find more effort on writing tweets leads to bolder but less accurate and informative earnings forecast and recommendations. Taking advantage of an exogenous shock which had led to the suspension of Star tournament, we find similar results using difference-in-differences analyses.