Abstract
This study examines how product market competition differentially affects existing versus new analysts. I find that new analysts' coverage increase is significantly higher than the existing analysts' coverage increase when a portfolio firm faces high competition, suggesting existing analysts’ tendency to avoid competition among analysts for their career success. I also find that new analysts' one-year earnings forecasts accuracy decrease is significantly larger than the one of the existing analysts when the portfolio firm faces high competition. These findings indicate that existing analysts consider the situation firm faces, product market competition, and they are more competent than new analysts.
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