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2020年11月4日学术报告通知

发布时间:2020-11-03

内容提要:

Prior research shows that managers learn from the capital market; however, it remains unclearwhat specific information that managers seek to learn. Building on prior results that financial  analysts have information advantage relative to managers at the macroeconomic level, we show that such information advantage is an important source for what managers learn from analysts in  making investment decisions. Specifically, we find that the sensitivity of corporate capital  investment to analyst forecasts of firm earnings or long-term growth significantly increases with  the exposures of a firm’s operations to macroeconomic factors, especially business cycles. These  results are stronger when firms have higher capital intensity and hence stronger incentives to  learn, and are robust to direct controls for macroeconomic factors. Overall, our results suggest  that managers learn from analysts regarding the implications of macroeconomic factors for firm specific prospects and incorporate them into their capital investment decisions.