Title: Innovator Mobility and the Information Role of Sell-Side Analysts

Speaker: Feng Hongrui

Position: Associate Professor of Finance, Pepperdine University, USA;

Research fields: Empirical corporate finance, natural language processing, environmental/social and corporate governance;

Academic achievements: Published papers in authoritative financial and accounting journals such as Journal of Banking and Finance and Journal of Management Accounting Research;

Educational background: Obtained a PhD in Finance from Oklahoma State University, USA in 2017; bachelor's and master's degrees from Zhejiang University and Georgia Institute of Technology, USA respectively;

Previous position: Assistant Professor, Penn State University Behrend.

Abstract: This study focuses on the impact of "core innovator mobility" on the information output of sell-side analysts. The core conclusions and mechanisms are as follows:

    Research scenario      and core behavior:      When highly cited inventors/senior R&D directors jump from enterprise      A to enterprise B, "overlapping analysts" who cover both A and B      can reuse their accumulated technical knowledge;

    Changes in      analysts' information output: After the jump, overlapping analysts make more      accurate and optimistic earnings forecasts for enterprise B, and their      forecasts for subsequent stock performance and operating results are more      predictive; in their written reports, they focus more on technology,      intellectual property, commercialization paths, and forward-looking      innovation narratives;

    Conditions for      effect enhancement:      The above effects are more significant when the jumping innovator has      richer technical human capital, or when there is an educational,      demographic, or geographical connection between the analyst and the      innovator;

    Mechanism and value: The study      excludes mechanical explanations such as "dual coverage" and      "securities firm merger", and identifies a new channel of      "knowledge bridge"—innovator mobility enhances analysts' ability      to interpret and transmit complex technical information through this      channel, thereby improving the pricing efficiency of such information in      stock prices.

Date & time: 19 December 2025, 10:30

Venue: B321, Zhixin Building, Central Campus, Shandong University