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The dark side of analyst coverage: The case of innovation

机译：分析师报道的阴暗面：创新案例

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摘要

We examine the effects of financial analysts on the real economy in the case of innovation. Our baseline results show that firms covered by a larger number of analysts generate fewer patents and patents with lower impact. To establish causality, we use a difference-indifferences approach that relies on the variation generated by multiple exogenous shocks to analyst coverage, as well as an instrumental variable approach. Our identification strategies suggest a negative causal effect of analyst coverage on firm innovation. The evidence is consistent with the hypothesis that analysts exert too much pressure on managers to meet short-term goals, impeding firms' investment in long-term innovative projects. We further discuss possible underlying mechanisms through which analysts impede innovation and show that there is a residual effect of analysts on innovation even after controlling for these mechanisms. Our paper offers novel evidence on a previously under-explored adverse consequence of analyst coverage-its hindrance to firm innovation.
机译：在创新的情况下，我们研究了金融分析师对实体经济的影响。我们的基准结果表明，由大量分析师覆盖的公司产生的专利更少，而影响较小的专利。为了建立因果关系，我们使用了差异差异方法，该方法依赖于分析人员覆盖范围的多次外源冲击所产生的变化，以及一种工具变量方法。我们的识别策略表明分析员覆盖范围对公司创新的负面因果关系。证据与以下假设相吻合：分析师对经理施加太多压力以实现短期目标，从而阻碍了公司对长期创新项目的投资。我们进一步讨论了分析师阻碍创新的可能的潜在机制，并表明即使在控制了这些机制之后，分析师对创新的残余影响也仍然存在。我们的论文提供了关于以前尚未充分发现的分析师覆盖范围不利影响的新证据，这不利于公司创新。

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