Cross-industry information sharing among colleagues and analyst research

We identify a specific organizational resource in brokerage houses—information sharing among analyst colleagues who cover economically related industries along supply chain. After controlling for selection effects, we show evidence consistent with the benefit of this to research performance. Specifically, find that analysts whose more connected have better performance, especially when their produce higher-quality research. further colleagues' coverage downstream (upstream) is positively accuracy only analysts’ revenue (expense) forecasts and highly tend issue earnings forecast revisions contemporaneously. Last, higher level industry specialization. Overall, our findings suggest rely on resources high-quality Hence, portion performance reputation not transferable across employers.