Session 1 - Marius Zoican, University of Toronto
Автор: Stockholm Business School Stockholm University
Загружено: 2020-06-05
Просмотров: 193
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Discussion by Ioanid Rosu, HEC Paris
Title: "Crowded Analyst Coverage"
Abstract:
"Analyst stock coverage is “crowded:” the most-covered 5% U.S. equities amount to 25% of earnings forecasts. Coverage clustering persists after controlling for factors commonly associated with analyst following, and correlates with investors’ demand for information. Is information supply optimally distributed in markets? We build a model where limited-attention investors learn about securities. Analysts compete for scarce investor attention, providing forecasts that enhance learning. Coverage crowding emerges through strategic complementarity effects. For limited investor attention, analysts prefer to share a crowded space rather than “going against the wind” to cover opaque assets. However, coverage clustering is excessive from the investors’ perspective."
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