Amy Zang

Amy Zang
Hong Kong University of Science and Technology | UST · School of Business and Management, Department of Accounting

PhD

About

19
Publications
18,271
Reads
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3,654
Citations
Additional affiliations
July 2015 - March 2016
Hong Kong University of Science and Technology
Position
  • Professor (Associate)
July 2009 - March 2016
Hong Kong University of Science and Technology
Position
  • Professor (Associate)
January 2010 - present

Publications

Publications (19)
Article
We identify a specific organizational resource in brokerage houses—information sharing among analyst colleagues who cover economically related industries along a supply chain. After controlling for brokerage selection effects, we show evidence consistent with the benefit of this resource to analyst research performance. Specifically, we find that a...
Article
Full-text available
An Erratum to this paper has been published: https://doi.org/10.1007/s11142-021-09590-z
Article
Full-text available
In 2005, the SEC mandated that firms disclose risk factors to provide useful information about firm risk. An unintended effect of the mandate is that mandatory risk factor (RF) disclosure may constitute “meaningful cautionary language” as defined in the Private Securities Litigation Reform Act, and may therefore provide legal protection for forward...
Article
Full-text available
This study examines analyst information intermediary roles using a textual analysis of analyst reports and corporate disclosures. We employ a topic modeling methodology from computational linguistic research to compare the thematic content of a large sample of analyst reports issued promptly after earnings conference calls with the content of the c...
Article
Full-text available
We document that textual discussions in a sample of 363,952 analyst reports provide information to investors beyond that in the contemporaneously released earnings forecasts, stock recommendations, and target prices, and also assist investors in interpreting these signals. Cross-sectionally, we find that investors react more strongly to negative th...
Article
In this study, we employ an advanced topic modeling methodology from computational linguistic research to compare and contrast the thematic content of a large sample of analyst reports to that of conference calls. This methodology allows us to explicitly identify and empirically quantify the amount of information analysts discover and interpret in...
Article
We use the naïve Bayes machine learning approach to extract opinions from the text of 363,952 analyst reports. We show that analyst report text provides information beyond the earnings forecasts, stock recommendations and target prices released contemporaneously (i.e., the quantitative summary measures). Investors react significantly more strongly...
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Full-text available
I study whether managers use real activities manipulation and accrual-based earnings management as substitutes in managing earnings. I find that managers trade off the two earnings management methods based on their relative costs and that managers adjust the level of accrual-based earnings management according to the level of real activities manipu...
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Full-text available
We examine the association between CEO reputation (proxied by the extent of press coverage) and the quality of the firm's earnings (proxied by two accruals-based measures). We test three explanations for an association between these constructs: the efficient contracting hypothesis suggests that reputed CEOs are associated with good earnings quality...
Article
We investigate the effects of mergers on the career outcomes of financial analysts. We hypothesize and find that analysts with good earnings forecast performance experience higher turnover during mergers, target analysts are more likely to turnover and the existence of a competing analyst in a merger counter party also increases analyst turnover. W...
Article
Full-text available
This study examines individual analysts' relative strengths in earnings forecasting skill and stock picking skill. We define analysts with skill specialization when he has one skill substantially stronger than the other, and analysts with non-specialization when he has balanced skills. We follow theories on skill specialization in labor market rese...
Article
Unlike prior studies that find financial analyst turnover primarily reflects poor earnings forecast performance, we document a U-shaped relation between earnings forecast accuracy and analyst turnover surrounding mergers, i.e., top forecast performers also experience high turnover. We study mergers in the financial industry from 1994 to 2004 when s...
Article
I study whether managers use real and accrual manipulations as substitutes in managing earnings, and I study the order that managers make these decisions. I find that managers determine real manipulation before accrual manipulation. Based on this result, I use an empirical model that captures the sequentiality of real and accrual manipulations to t...
Article
We examine the relation between security analysts' annual earnings forecast boldness ("bold analysts") and changes in the inferred flow of earnings-related information from managers of the forecasted firm to bold analysts. We find that unfavorably bold analysts experience an improvement in their subsequent relative forecast accuracy. Favorable fore...
Article
Typescript. Vita. Thesis (Ph. D.)--Duke University, 2006. Includes bibliographical references (leaves 104-109).

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