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DESCRIPTION:Mr. Peng Wang\, a doctoral student at 91şÚÁĎÍř in the 
 Accounting area will be presenting his thesis defense entitled:\n\nTwo Ess
 ays on Analysts’ Forecast Time Orientation\n\nWednesday December 11\, 2024
 \, at 10:30 a.m.\n\n(The defense will be conducted on Zoom)\n\n \n\n\n\nSt
 udent Committee Chair: Professor Hongping Tan.\n\nPlease note that the Def
 ence will be conducted on Zoom. Only the student and their committee membe
 rs will participate in the presentation.\n\n\nAbstract\n\nCFA institute (2
 006) pointed out that excessive focus of analysts on short-term\, quarterl
 y earnings and a lack of attention to the strategy\, fundamentals\, and co
 nventional approaches to long-term value creation can lead to short-termis
 m. Previous studies find that analysts tend to fixate on short-term quarte
 rly earnings in their forecasts. Therefore\, this thesis aims to examine t
 he determinants and consequences of analyst short-term (long-term) orienta
 tion.\n\nThe first essay explores the determinants and consequences of sho
 rt-termism in analysts’ equity analysis using textual analysis. I define a
  new dictionary based on Brochet et al. (2015)’s long-term and short-term 
 keyword lists to make it applicable to analyst reports. I define short-ter
 mism for an analyst report as the difference between the number of short-t
 erm and long-term words scaled by the total words\, multiplied by 100. I e
 xamine whether short-term analyst reports are related to fewer discussions
  of long-term topics\, less accurate\, more optimistic\, and less informat
 ive after controlling report-\, firm-\, and analyst-level characteristics.
  I further aggregate the report-level short-term horizon measure to the fi
 rm-level and then examine whether management pressure from analyst coverag
 e is mainly from short-term focused analysts. I find that short-term repor
 ts discuss fewer long-term topics and are less accurate\, more optimistic\
 , and less informative. Moreover\, management pressure from analysts is ma
 inly driven by short-term focused analysts.\n\nThe second essay examines h
 ow future time reference (FTR) language of analysts affects analysts’ futu
 re vision and performance. I first show that analysts from countries where
  languages do not require speakers to grammatically mark future events use
  fewer future tense markers (such as going to\, will\, and shall). Further
  tests show that analysts speaking weak FTR languages have long-term orien
 tation in equity analysis and have more informative forecasts as reflected
  by stronger market reactions to their recommendations\, earnings forecast
 s\, and target price forecasts. My findings not only complement the litera
 ture on the economic consequences of language but also provide insights in
 to analysts’ information process. Overall\, the findings in this thesis ju
 stify the call for long-term equity analysis to increase the quality of an
 alyst research.\n
DTSTART:20241211T153000Z
DTEND:20241211T173000Z
SUMMARY:PhD Thesis Defense Presentation: Peng Wang
URL:/desautels/channels/event/phd-thesis-defense-prese
 ntation-peng-wang-361958
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