报告人：Zhongwei Huang，Assistant Professor in finance at City, University of London
This paper examines economic consequences associated with the emerging practice of hiring financial analysts as investor relations officers (IRO). We posit that analysts-turned-IROs have a competitive advantage in communicating with investors, thereby lowering the effort expended by the investment community to process corporate disclosures. Using a unique manually-collected dataset on the employment history of IROs (compiled from LinkedIn, Capital IQ, RelationshipScience.com, and appointment press releases) and a difference-in-differences research design with matched control sample, we first show that 8-K disclosure readability improves after firms hire former analysts as IROs through reductions in length, complexity, and the proportion of uncertain financial terms. We also find some evidence that these companies are more likely to host analyst/investor days. Most importantly, we find increases in analyst following, institutional investors, and stock liquidity after hiring a former analyst as IRO. Overall, our findings suggest that firms benefit from hiring Wall Street analysts as IROs.
黄钟伟为我院优秀硕士毕业生，于法国ESSEC Business School获得博士学位。他已在国际知名学术期刊Journal of Corporate Finance 等发表2篇论文，并有1篇论文进入国际会计学权威期刊The Accounting Review二审。