NDLI: Tournaments of financial analysts

Content Provider	Springer Nature Link
Author	Yin, Huifang Zhang, Huai
Copyright Year	2013
Abstract	We argue that financial analysts can be viewed as participants of two tournaments (the “All-Star” tournament and the intrafirm tournament) and examine whether analysts are incentivized by the tournament compensation structure. Using data from 1991 to 2007, we find that interim losers are more likely to increase the boldness of their forecasts in the remainder of the tournament period than interim winners. This finding survives several robustness checks and is more pronounced when the interim assessment date is closer to the end of the tournament period, when analysts are inexperienced, and when the market activity is high. In addition, we show that interim losers’ changes in boldness are less informative than interim winners’. Collectively, our findings suggest that viewing financial analysts as participants of tournaments provides a useful framework for understanding analysts’ behavior.
Starting Page	573
Ending Page	605
Page Count	33
File Format	PDF
ISSN	13806653
Journal	Review of Accounting Studies
Volume Number	19
Issue Number	2
e-ISSN	15737136
Language	English
Publisher	Springer US
Publisher Date	2013-10-01
Publisher Place	Boston
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Tournament theory Boldness Financial analysts Accounting/Auditing Finance/Investment/Banking Public Finance & Economics
Content Type	Text
Resource Type	Article
Subject	Accounting

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Tournaments of financial analysts