讲座主题：DCF Please! Evidence from a Content Analysis of Analyst Reports

讲座人：谭红平（Hongping Tan）

摘要：Using textual analysis of a large sample of analyst reports, we find that analysts’ use of discounted cash flow (DCF) model compared to PE model positively correlate with investor demand for cash flow and discount rate information. Analysts respond to such investor demand with more cash flow and discount rate discussions in their research reports, which ultimately facilitate their application of DCF model for firm valuation. The market reaction to target price forecasts based on DCF model is more pronounced than those based on PE model. These results indicate that analysts’ valuation process reflects investor demand for value relevant information.

讲座地点：学院南路学术会堂604

讲座时间：2018年06月22日，周五，14：00开始

讲座人简介：谭红平（Hongping Tan），麦吉尔大学（McGill University）会计和金融学副教授，博士生导师。博士毕业于加拿大皇后大学。曾先后在加拿大约克大学商学院，加拿大滑铁卢大学会计与金融学院、美国纽约州立大学布法罗校区等学校任职。在Journal of Accounting and Economics, Journal of Financial Economics, Journal of Accounting Research, The Accounting Review等顶级期刊发表论文多篇。现任Contemporary Accounting Research编委会成员（2017-2020），Asia-Pacific Journal of Financial Studies副主编（2017年至今）。主要研究金融信息披露、分析预测、国际资本市场等问题，教授公司金融、投资、财务报表分析等课程。