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Does the All‐Star Award Affect Chinese Analysts' Performance? Evidence From a Regression Discontinuity Design and the Field

Congcong Li et al.

Contemporary Accounting Research2026https://doi.org/10.1111/1911-3846.70038article
FT50AJG 4ABDC A*
Weight
0.50

Abstract

This paper examines the effect of the All‐Star award on the performance of Chinese financial analysts. Leveraging unique voting data from 2007 to 2016 and a regression discontinuity design (RDD), we find that the All‐Star award significantly enhances recipients' fundamental analysis. Awarded analysts issue more accurate earnings forecasts, and their stock recommendations convey greater information content for firms with higher information asymmetry. RDD results also indicate that award recipients gain increased resources and greater flexibility in reallocating time and effort. Post award, analysts concentrate on fewer industries, cover more firms within each industry, issue forecasts more frequently, expand their teams, and conduct more site visits. Surveys of analysts and institutional investors corroborate these findings, highlighting increases in site visits and roadshows following the award. Overall, the results suggest that the All‐Star award boosts analyst performance by fostering more concentrated coverage and improving access to both internal and external resources.

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https://doi.org/https://doi.org/10.1111/1911-3846.70038

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@article{congcong2026,
  title        = {{Does the All‐Star Award Affect Chinese Analysts' Performance? Evidence From a Regression Discontinuity Design and the Field}},
  author       = {Congcong Li et al.},
  journal      = {Contemporary Accounting Research},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1111/1911-3846.70038},
}

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Does the All‐Star Award Affect Chinese Analysts' Performance? Evidence From a Regression Discontinuity Design and the Field

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.