Analyzing Analyst Research: A Review of Past Coverage and Recommendations for Future Research
Analyzing Analyst Research: A Review of Past Coverage and Recommendations for Future Research
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DOI：
10.1177/0149206317734900
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发表时间：
2018-01
影响因子：
13.5
通讯作者：
M. Brauer;M. Wiersema
中科院分区：
文献类型：
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作者：
M. Brauer;M. Wiersema
作为不断收集、分析和传播上市公司未来前景信息的可见的、知识渊博的专家，金融分析师为投资者履行着重要的信息经纪和监督职能。通过提供投资建议，金融分析师也会影响对公司股票的需求，从而影响其价格。高管们密切关注金融分析师的盈利预测和建议，以至于他们经常被批评过于关注自己的预测，而牺牲了公司的长期利益。但是，虽然对战略管理中的分析师的研究正在稳步增长，但我们对分析师对高管和投资者决策的各种影响的程度和性质以及分析师运作的背景缺乏连贯的理解。这在很大程度上是由于文献的碎片化和缺乏对该主题的先前评论或荟萃分析。通过组织、综合和分析目前在战略管理研究的各个领域对分析师的研究成果，我们的目标是提高我们对分析师对公司和投资者影响的认识。此外，我们希望我们的分析和建议有助于进一步扩大对这一重要组织利益相关者的研究范围。
As visible and knowledgeable experts who constantly collect, analyze, and disseminate information about the future prospects of publicly listed firms, financial analysts fulfill an important information brokerage and monitoring function for investors. By providing investment advice, financial analysts also influence the demand for a firm’s stock and thus its price. Executives pay close attention to financial analysts’ earnings forecasts and recommendations, so much so that they are frequently criticized for excessive focus on their forecasts at the expense of the long-term interests of the firm. But while research on analysts in strategic management is steadily growing, we lack a coherent understanding of the extent and nature of analysts’ diverse influences on executives’ and investors’ decision making and the context in which analysts operate. This is largely due to the fragmentation of the literature and the absence of prior reviews or meta-analyses of the topic. By organizing, synthesizing, and analyzing extant research efforts on analysts in the various domains of strategic management research, we aim to advance our knowledge on the influence of analysts on firms and investors. Further, we hope that our analyses and recommendations help further increase research coverage on this important organizational stakeholder.