题目：Analysts’ Technological Expertise

　　主讲人：Li Yao（Concordia University ）

　　时间：2017年7月11日8：30

　　地点：主楼418会议室

　　主讲人简介：  

　　Li Yao is an Associate Professor, John Molson School of Business, Concordia University. He earned his PhD in Management (major in Accounting, minor in Finance) from the Krannert School of Management, Purdue University. Dr. Yao’s research interests include empirical asset pricing and security valuation, financial intermediaries, and voluntary disclosures. He has published in leading academic journals such as Journal of Accounting, Auditing & Finance , Journal of Corporate Finance, and Canadian Journal of Administrative Sciences. His research projects have been funded by Social Sciences and Humanities Research Council (SSHRC, Government of Canada), and CPA Canada–CAAA Research Program. His research has also been presented in various international conferences and invited workshops, and been summarized in professional publications. Dr. Yao's teaching interest is financial accounting, which is closely tied to his research agenda

　　内容简介：

　　Using patent distribution across different technology classes, we construct technological expertise for each analyst-firm pair based on the technological proximity between the firm and other firms covered by the analyst. We find that technological expertise increases the likelihood and timeliness for an analyst to cover a firm. It also increases earnings forecast accuracy and stock recommendation profitability, especailly for firms that rely more on technological innovation. Further analysis shows that technological expertise is distinct from industry specialization, and technological expertise could substitute industry specialization in analsyts’ coverage choices. Our findings suggest that technological expertise is a crucial component of analysts’ knowledge base, which has large impact on their coverage decisions and forecast performance.

　　（主办：会计系 科研与学术交流中心）