Tournaments of financial analysts

• Main Authors: Yin, Huifang, Zhang, Huai
• 其他作者: Nanyang Business School
• 格式: Article
• 語言: English
• 出版: 2013
• 主題: DRNTU::Business
• 在線閱讀: https://hdl.handle.net/10356/95737; http://hdl.handle.net/10220/9434
• 機構: Nanyang Technological University

We argue that financial analysts can be viewed as participants of two tournaments (the “All-star” tournament and the intrafirm tournament) and examine whether analysts are incentivized by the tournament compensation structure. Using data from 1991 to 2007, we find that interim losers are more likely...