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DESCRIPTION:\n\nMr. Peng Wang\, a doctoral student at 91şÚÁĎÍř in 
 the area of Accounting will be presenting his research proposal entitled:
 \n\nEssays on Analyst long-term orientation\n\n \n\nWednesday\, September 
 18\, 2024 at 8:00am – 9:30am\n\nStudent Committee Chair: Professor Hongpin
 g Tan\n\nPlease note that the presentation will be conducted virtually on 
 Zoom. If you wish to attend the presentation\, kindly reach out to the PhD
  Office for the Zoom link.\n\n\nABSTRACT\n\nCFA institute 2006 said that t
 he excessive focus of analysts on short-term\, quarterly earnings and a la
 ck of attention to the strategy\, fundamentals\, and conventional approach
 es to long-term value creation can lead to short-termism. Therefore\, they
  recommend analysts to have a long-term focus in their analysis. However\,
  most of the studies find that analysts tend to fixate on quarterly earnin
 gs in their forecasts. Therefore\, we aim to figure out the determinants a
 nd consequences of analyst short-term (long-term) orientation in this rese
 arch\, trying to provide justification to CAF institute’s recommendations.
 \n\nIn the first paper\, we explore the determinants of short-termism in a
 nalysts’ equity analysis and consequences using textual analysis method. W
 e define a new dictionary based on Brochet et al. (2015)’s long-term and s
 hort-term keywords list to make it applicable to analyst reports. The leve
 l of short-termism for an analyst report is the difference between the num
 ber of short-term and long-term words scaled by the total words\, multipli
 ed by 100. To verify the validity of our measure\, we first investigate th
 e determinants by controlling report\, firm\, and analyst level characteri
 stics. Then we test whether short-term analyst reports are less likely to 
 talk long-term topics and less informative. Finally\, we aggregate our rep
 ort level measure at firm level to examine whether analyst pressure to man
 agement are from short-term focused analysts. We find that short term repo
 rts are less likely to discuss long-term topics and are less informative. 
 Moreover\, management pressure from analysts are mainly driven by short-te
 rm focused analysts. Our findings provide justification for CFA institute’
 s recommendation that analysts should have a long-term focus in their anal
 ysis.\n\nIn the second paper\, we examine how future time reference (FTR) 
 language of analysts affects analysts’ future vision. Language can signifi
 cantly affect people’s thoughts and behavior related to future. We extend 
 this stream of study to analyst research because analysts’ main job is to 
 analyze and predict future performance of the firms covered\, and the FTR 
 language greatly affects people’s thoughts and behaviors of the future. Th
 erefore\, analyst forecasts provide a nice setting to study the impact of 
 FTR language on the tradeoff between the present and future. We first show
  that analysts from countries where languages do not require speakers to g
 rammatically mark future event are less likely to use future tense markers
  (such as going to\, will\, and shall). Further tests show that analysts s
 peaking weak FTR language have long term orientation and have more informa
 tive forecast as reflected by stronger market reactions to their recommend
 ation\, and earnings forecast\, and target price forecasts. Our findings c
 omplement the literature on the economic consequence of language and provi
 de insights into analysts’ information process.\n
DTSTART:20240918T120000Z
DTEND:20240918T133000Z
SUMMARY:PhD Research Proposal Presentation: Peng Wang
URL:/desautels/channels/event/phd-research-proposal-pr
 esentation-peng-wang-359666
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