Author ORCID Identifier
https://orcid.org/0009-0003-7830-2674
Date Available
5-5-2027
Year of Publication
2025
Document Type
Doctoral Dissertation
Degree Name
Doctor of Philosophy (PhD)
College
Business and Economics
Department/School/Program
Accountancy
Faculty
Brian Bratten
Faculty
David A. Ziebart
Faculty
Monika Causholli
Abstract
I examine how the size and density of sell-side analysts’ internal networks, constructed from coauthorship of analyst reports, relate to the analysts’ forecasting performance. I find that analysts with smaller and denser internal networks issue more accurate forecasts, supporting arguments emphasizing the value of intimate, close-knit networks. Importantly, interaction analysis reveals that the effects of network size and density are not independent. While large internal networks can reduce forecast accuracy, increasing network density helps mitigate this negative effect. Dominance analysis shows that the effect of network size outweighs that of density.
Cross-sectional analyses reveal that the effects of network size and density are more pronounced for firms with more transparent information environments, proxied by the number of analysts following the firms, and are attenuated for analysts with greater firm-specific experience.
This study lays a foundation for understanding the role of analysts’ internal networks, complementing the existing literature, which primarily focuses on external networks. It also extends the team analyst literature by demonstrating that the pattern of internal connections, not just the existence of teamwork, matters. Lastly, it offers practical implications for brokerage firms and analysts, highlighting the importance of cultivating close-knit, well-connected internal networks.
Digital Object Identifier (DOI)
https://doi.org/10.13023/etd.2025.30
Funding Information
This study was supported by the Von Allmen Fellowship.
Recommended Citation
Pham, Anh T., "STRUCTURE MATTERS: SELL-SIDE ANALYSTS' INTERNAL NETWORK AND THEIR FORECASTING PERFORMANCE" (2025). Theses and Dissertations--Accountancy. 23.
https://uknowledge.uky.edu/accountancy_etds/23
