Sell-side financial analyst social network and forecast accuracy
Based on a unique dataset in China from 2012 to 2021, we find that sell-side financial analysts' social network improves analysts' forecast accuracy. Specifically, we find that analysts with a more central position in social networks based on corporate site visits generally have more face-to-face opportunities to learn from their peers, significantly improving their forecast performance. Such a social learning effect exists when more influential peers attend corporate site visits and when forecasted firms with higher information uncertainty.
Authors
- Wenjie Ding (ORCID: https://orcid.org/0000-0003-2774-5777)
- Qingwei Wang (ORCID: https://orcid.org/0000-0002-3695-7846)
- Jason Zezhong Xiao (ORCID: https://orcid.org/0000-0003-0703-6447)
- Hao Li (ORCID: https://orcid.org/0000-0002-6585-8732)
- Mengjia Li (ORCID: https://orcid.org/0000-0002-2767-9266)
Institutions
- Sun Yat-sen University (CN)
- University of Macau (MO)
- City University of Macau (MO)
- Cardiff University (GB)
Publication Details
- Journal
- International Review of Economics & Finance
- Published
- 2025-08-11
- DOI
- https://doi.org/10.1016/j.iref.2025.104501
- Primary Topic
- Complex Network Analysis Techniques
- Type
- article
- Field-Weighted Citation Impact
- 0.00
Funders
- National Natural Science Foundation of China
- Sun Yat-sen University
- Natural Science Foundation for Young Scientists of Shanxi Province
- Young Scientists Fund