Speaker：Si Fangbo, Assistant Professor, Jinan University

Host：Deng Jiapin, Associate Professor, Lingnan College

Time and Date：14:30, May 15, 2026 (Friday)

Venue：Wang Dao Han Conference Room (101), Lingnan Hall

Language：English + Chinese

Abstract：

This paper investigates how sell-side analysts ask tech-questions and shape the diffusion of otherwise proprietary technology information across firms, thereby shifting the innovation direction of peers. Using focal–peer–year observations from 2007 to 2023, we find that such questioning is associate with greater subsequent shift toward a similar innovation direction of industry peers. The effect is driven by analyst questions rather than managers' voluntary presentation. IV estimates exploiting Ramadan-induced variation in Muslim analysts' call participation support a causal interpretation. We further show that these spillovers are associated with higher-quality innovation among peers. Overall, analysts shape what becomes public about firms' technology activities and influence peers' subsequent innovation choices.

Profile:

Si Fangbo is an Assistant Professor in the Department of Accounting at Jinan University. He received his Ph.D. from Nanyang Technological University in 2021. His research interests include the digital economy, corporate governance, corporate disclosure, and financial analysts. His work has been published in Contemporary Accounting Research, Journal of Law and Economics, and Financial Management. He is the principal investigator of a Young Scientists Fund project supported by the National Natural Science Foundation of China and serves as a co-investigator on a major project funded by the National Social Science Foundation of China.