讲座题目 | Tariff Uncertainty and Analysts’ Information Production: Evidence from the U.S.-China Permanent Normal Trade Relation | ||
主讲人 （单位） | 阴慧芳 （上海财经大学） | 主持人 （单位） | 潘健平、黄泽悦 （东南大学） |
讲座时间 | 2024年12月05日（周四）14:00 | 讲座地点 | 经管楼B201会议室 |
主讲人简介 |
阴慧芳，现任上海财经大学会计学院教授，博士生导师，博士毕业于南洋理工大学商学院会计系。入选国家高层次人才项目、上海市教委“曙光学者”、“晨光学者”。学术论文发表于国际知名期刊，包括Journal of Accounting and Economics、Journal of Accounting Research、Review of Accounting Studies、 Journal of Accounting、Auditing and Finance、 Auditing: A Journal of Practice and Theory等。主持两项国家自然科学基金以及多项省部级以上项目。担任《外国经济与管理》、《会计学季刊》副主编。 | ||
讲座内容摘要 | In this paper, we examine how trade uncertainty shapes analyst coverage decisions. Leveraging the United States' grant of Permanent Normal Trade Relations (PNTR) to China—a policy that mitigates tariff uncertainties for Chinese imports—we observe a significant increase in analyst coverage for U.S. firms with greater exposure to PNTR compared to firms with lower exposure. Analysts are more inclined to initiate coverage and less likely to stop coverage of firms more affected by PNTR, especially for analysts with relevant industry-specific or China-related expertise. This shift indicates a strategic reallocation of analyst attention in response to changes in trade uncertainties. Further analyses show that consensus forecast accuracy improves for firms with greater exposure to PNTR, suggesting a strengthened information environment. These findings suggest that analysts adjust their coverage strategies in reaction to trade uncertainties, enhancing their role as pivotal information intermediaries. | ||
