摘要(英) |
This study aims to examine whether relation between security companies and mutual funds in China would have influence on analysts’ behavior. Since large security companies or financial services groups in China often own or control an investment banking subsidiary, a fund management subsidiary, and the research department, we conjecture that related analysts in the research department could issue biased forecasts to help related mutual fund perform well. Affiliated analysts could also strategically use biased forecast to benefit their major client.
We find that related analysts do not issue biased forecasts when mutual funds change holding of shares to help mutual funds earn higher return. Instead, related analysts’ forecasts are more optimistic than those of unrelated analysts when mutual funds raise holding of shares. The empirical results reveal that affiliated analysts issue biased forecasts when mutual funds adjust their shares after one quarter of offering, which suggests affiliated analysts may collaborate with mutual funds to get higher fund return.
|
參考文獻 |
Chinese
王宇熹、肖峻、吳佳與陳偉忠,2006,證券分析師盈餘預測偏差之謎的新解釋--來自中國證券分析師行業的新證據,統計與決策,8月,第117-120頁。
方軍雄,2007年,我國上市公司資訊披露透明度與證券分析師盈餘預測,金融研究,第6期A,第136-148頁。
方軍雄與洪劍峭,2007年,上市公司信息資訊披露質量與證券分析師盈餘預測,證券市場導報,第3期,第25-30頁。
石桂峰、蘇力勇與齊偉山,2007,財務分析師盈餘預測精確度決定因素的實證分析,財經研究,第33卷第5期,第62-71頁。
朱寶憲與王怡凱,2001,證券媒體選股效果的實證分析,經濟研究,第4期,第51-57頁。
金雪軍與蔡健琦,2003,證券分析師行為及其市場影響,證券市場報導,8月,第31-35頁。
吳聯生,2000,投資者對上市公司會計信息需求的調查分析,經濟研究,第4期,第14-18頁。
吳東輝與薛祖雲,2005,對中國A股市場上證券分析師盈餘預測的實證分析,中國會計與財務研究,第一期,第1-27頁。
胡奕明、饒豔超、陳月根與李鵬程,2003,證券分析師的信息解讀能力調查,會計研究,11月,第14-20頁。
胡奕明與林文雄,2005,信息關注深度、分析能力與分析質量,金融研究,第296卷第2期,第46-58頁。
陳偉忠、吳佳、王宇熹與肖峻,2007,對證券分析師薦股評級調整價值的經驗研究,同濟大學學報,第35卷第5期,第714-718頁。
陸正飛與劉桂進,2002,中國公眾投資者信息需求之探索性研究,經濟研究,第4期,第36-43頁。
程克棟與陶亞民,2005,證券分析師的利益衝突及防範對策,齊齊哈爾大學學報,第6期,第41-43頁。
黃靜與董秀良,2005,證券分析師業績預測和投資評級準確性實證分析,上海立信會計學院學報,第19卷第5期,第35-40頁。
鄭燕洪與魏海麗,2006,證券分析師的利益衝突行為:文獻綜述,特區經濟,3月,第344-346頁。
English
Agrawal, A and M. A. Chen. 2005. Analyst conflicts and research quality. Working paper.
Boni, L. and K. L. Womack. 2003. Wall street research: will new rules change its usefulness. Financial Analysts Journal 59(3):25-29.
Bradshaw, M. T., S. A. Richardson, and R. G. Sloan. 2003. Pump and dump: an empirical analysis of the relation between corporate financing activities and sell-side analyst research. Working paper, Harvard Business School.
Clarke, J., A. Khorana, A. Patel, and P. R. Rau. 2004. Analysts Behavior at Independent research firms, Brokerage houses and Investment Banks: Conflict of interest or Better Information? Working paper.
Clement, M. B. 1999. Analyst forecast accuracy: do ability, resources, and portfolio complexity matter? Journal of Accounting and Economics 27(3): 285-303.
Cowen, A., B. Groysberg, and P. Healy. 2006. Which types of analyst firms are more optimistic? Journal of Accounting and Economics 41(1-2): 119-146.
Dechow, P., A. Hutton and R. G. Sloan. 2000. The relation between analysts’ of long term growth and stock price performance following equity offerings. Contemporary Accounting Research 17: 1-32.
Dugar, A. and S. Nathan. 1995. The effect of investment banking relationships on financial analysts’ earnings forecasts and investment recommendations. Contemporary Accounting Research 12 (1): 131-160.
Hong, H., J. D. Kubik and A. Solmon. 2000. Security analysts’ career concerns and herding of earnings forecasts. RAND Journal of Economics 31(1): 121-144.
Hong, H. and J. D. Kubik. 2003. Analyzing the analysts: career concerns and biased earnings forecasts. Journal of Finance 58(1): 313-351.
Jackson, A. R. 2005. Trade generation, reputation, and sell-side analysts. Journal of Finance 60: 673-717.
Jacob, J., T. Z. Lys and M. A. Neale. 1999. Expertise in forecasting performance of security analysts. Journal of Accounting and Economics 28: 51-82.
Kothari, S. P. 2001. Capital markets research in accounting. Journal of Accounting and Economics 31(1-3): 105-231.
Krigman, L., W. H. Shaw, and K. L. Womack. 2001. Why do firms switch underwriters? Journal of Financial Economics 60(2-3): 245-284.
Lin, H.-W. and M. F. McNichols. 1998. Underwriting relationships, analysts’ earnings forecasts and investment recommendations. Journal of Accounting and Economics 25: 101-127.
Malloy, C. J. 2005. The geography of equity analysis. Journal of Finance 60(2): 719-755.
Malmendier, U. and D. Shanthinkumar. 2007. Are small investors naïve about incentives? Journal of Financial Economics 85: 457-489.
Mickaely, R. and K. L. Womack. 1999. Conflict of interest and the credibility of underwriter analyst recommendations. Review of Financial Studies 12: 653-686.
Mikhail, M. B., B. R. Walther, and R. H. Willis. 1997. The development of expertise: do security analysts improve their performance with experience. Journal of Accounting Research: 131-157.
Stickel, S. E. 1992. Reputation and performance among security analysts. Journal of Finance 47(5): 1811-1836.
|