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首页> 外文期刊>The North American journal of economics and finance >Affiliated block shareholders and analyst optimism
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Affiliated block shareholders and analyst optimism

机译：附属块股东和分析师乐观

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摘要

We investigate several previously under-documented conflicts of interest that may result in analyst optimism by utilizing two unique features of brokerage firms in China, namely, the dominant ownership of large shareholders within the brokerage firms and the mandatory disclosure of brokerage firms' commission income derived from each mutual fund client. We show that controlling shareholders of an analyst's brokerage-firm put pressure on the analyst to report more optimistically biased earnings forecasts and recommendations to the stocks they hold larger positions in. We also find that the magnitude of analyst optimism increases with the shareholdings of the mutual funds that contribute commission fees to the analyst's brokerage firm. These findings remain robust after incorporating a regulation change that reduces conflicts of interest in the brokerage industry and higher dimensional fixed effects, and thus are unlikely to be driven by reverse causality or omitted variable bias.
机译：我们通过利用中国经纪公司的两个独特特征来调查此前有款项令人乐观的兴趣冲突，即经纪公司内部大股东的主导所有权以及经纪公司委员会委员会收入的强制性披露 来自每个共同基金客户。 我们展示了分析师经纪公司的控股股东对分析师的压力向股票报告了更乐观的偏见盈利预测和建议，他们持有更大的职位。我们还发现分析师乐观情绪的规模随着相互持股的持股而增加 为分析师经纪公司提供佣金费用的资金。 这些调查结果纳入了减少经纪工业和更高维度固定效果的兴趣冲突后，这些调查结果仍然是强劲的，因此不太可能被反向因果关系或省略可变偏差驱动。

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