Using a sample of Chinese security analysts’ recommendations from 2005 to 2010, we examine the source of analysts’ superiority and the investment value of their recommendations. Using a calendar-time portfolio approach, we find that, on average, analysts’ recommendations are valuable and...

This research contributes to understanding the spillover effect of customer digital transformation along the supply chain. We take a supply chain relationship perspective to explore the influence of customers' digital transformation on suppliers' audit fees and find a significant reduction in...