Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/319067 
Erscheinungsjahr: 
2025
Schriftenreihe/Nr.: 
CFR Working Paper No. 25-04
Verlag: 
University of Cologne, Centre for Financial Research (CFR), Cologne
Zusammenfassung: 
This study provides evidence on the performance and labor market trajectories of sell-side equity analysts with prior experience or education in accounting. Analysts with work experience in accounting issue both more accurate earnings per share (EPS) forecasts and more profitable sell recommendations, particularly if they possess substantial public accounting experience. This result highlights the unique value of pre-analyst experience that combines accounting and business knowledge, but also a competitive edge in focusing on bad news. Supporting this interpretation, we find that former auditors ask more accounting-related and less positively toned questions during earnings calls. They also play a significant monitoring role, as suggested by the higher quality and more conservative earnings of the firms they cover. Regarding labor market trajectories, former auditors are marginally more likely to achieve "All Star" analyst recognition and exhibit longer tenure in the profession. Overall, our findings highlight the strengths and limitations of accounting expertise in sell-side research in terms of information processing and career outcomes.
Schlagwörter: 
Analysts
Auditors
Information Processing
Monitoring
Labor Market
JEL: 
G10
G14
M41
M42
Dokumentart: 
Working Paper

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