The disincentive effect of stars : evidence from analyst coverage

• المؤلفون الرئيسيون: Luo, Jiang, Yin, Huifang, Zhang, Huai
• مؤلفون آخرون: Nanyang Business School
• التنسيق: مقال
• اللغة: English
• منشور في: 2020
• الموضوعات: Business::Finance; Competition; Financial Analyst Coverage
• الوصول للمادة أونلاين: https://hdl.handle.net/10356/144126
• المؤسسة: Nanyang Technological University

We hypothesize that when the winning odds are eclipsed by the presence of superstars, tournament participants will choose to bow out of the competition. We use the setting of financial analysts to test this hypothesis. We document that nonstar analysts avoid direct competition with star analysts thr...