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Analyst Integrity
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DOI：10.1111/1911-3846.70053.png)
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Abstract
En 中文
We empirically investigate the impact of financial analysts' integrity on their information outputs and career success. Using analysts' off-the-job behavior, specifically their legal records, to proxy for analyst integrity, we predict and find that weak-integrity analysts engage more in opportunistic behaviors, including “speaking in two tongues” and earnings forecast walk-down. These analysts obtain favorable management access and make more accurate earnings forecasts. Further analyses indicate that while the market as a whole does not distinguish weak-integrity analysts from others, sophisticated investors discount their information outputs. Weak-integrity analysts also experience less favorable career outcomes. Our results have important implications for investors, professional bodies, employers, and regulators.
Keywords:
analyst integrity
career consequence
legal record
opportunism
casier judiciaire
conséquences sur la carrière
intégrité des analystes
opportunisme
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