Published and Working Papers

Guangyu's research agenda is motivated by the aspiration to forge an intellectual link between practitioners and accounting researchers. This synergy not only fosters mutual enlightenment but also aims to inform regulators, policymakers, and influence the future curricula of accounting education. 

Currently, Guangyu’s primary focus is on the demand side of accounting information, particularly sell-side analysts and institutional investors. He is also interested in the supply side of such information, including financial accountants and investor relations officers.

Published and working papers:

1. Li, G., Spence, C. & Chen, Z. (2024). Sell-Side Analysts as Social Intermediaries. Contemporary Accounting Research, doi: 10.1111/1911-3846.12968

2. Gender Gap in Sell-side Analysts’ Corporate Access. with Crawford Spence and Zhong Chen

Abstract: This paper examines whether sell-side analysts’ corporate access differs by gender. Using a unique dataset of firm-level site visit records, we find that female analysts visit fewer listed firms than their male counterparts and exhibit a lower conversion rate from research coverage to site visits. Conditional on visiting a firm, female analysts are less likely to participate in one-on-one meetings and analyst-only sessions. Although female analysts demonstrate lower forecast errors on average, this advantage diminishes for the firms they visit. Furthermore, while visits involving star analysts elicit stronger market reactions, those involving female analysts do not generate differential responses. Finally, we examine two potential mechanisms that may hinder equal corporate access for female analysts. The evidence is consistent with the hypothesis that structural barriers limit female analysts’ access to professional social interactions. Our findings contribute to the literature on social interactions in capital markets by showing that gendered constraints shape equity analysts’ opportunities to engage with firm insiders and, in turn, affect their information acquisition and work performance.

3. Challenges to Authority and Position: Sell-side Analysts on WeChat. with Crawford Spence and Zhong Chen

Abstract: Adopting a field perspective on the market for information, this study investigates how social media alters the field that analysts operate in and reshapes the way that analysts interact with institutional investors. We show how the increasing usage of WeChat in China as an investor communication channel has a paradoxical effect: sell-side analysts now enjoy heightened accessibility to stakeholders but grapple with diminishing visibility in a saturated digital space. This challenges their authority and status overall in the market for information. In response to the massive influx of requests from investors through WeChat, analysts adopt a stand-by strategy, which can influence the quality of their research outputs. Finally, we present evidence of how sell-side analysts adjust their work practices in an evolving virtual landscape. Our study contributes to disclosure literature by showing how increased social media adoption can be a double-edged sword that prompts key actors to scramble for position in the market for information.