讲座人：江轩宇

讲座主题： Mutual fund affiliated analysts and stock price synchronicity

摘要：mutual fund affiliated analysts have conflicts of interests in their role of information production. Many times, they strategically speak in two tongues: issue optimism biased recommendations but less optimistic forecasts for their covered firms (Malmendier and Shanthikumar, 2014, “Do security analysts speak in two tongues?” Review of Financial Studies, 27, 1287-1322). It is not clear what the net effect of these affiliated analysts’ conflicting actions is on firm-specific information production in the stock market. We use a unique Chinese dataset that discloses the business affiliations between mutual funds and brokerage firms through commission allocations to examine whether affiliated analysts produce more (or less) firm-specific information in their research compared with non-affiliated analysts. Our results indicate that affiliated analysts produce more firm-specific information, manifested by lower stock price synchronicity for the firms they cover. The results are robust to alternative specifications of variables and models, after controlling for other types of affiliations such as full service security and brokerage firm affiliations, and after addressing possible endogeneity concerns. We further find that the affiliated analyst effects are more pronounced for stocks that represent significant exposure to an affiliated mutual fund’s investment, where mutual funds presumably need more firm-specific information to make investment decisions. Finally, we document that affiliated analysts do more site visits on the stocks held by their mutual fund clients, which provides explanation for the greater information dissemination by affiliated analysts.

讲座时间：2015年11月11日，周三，13:30开始

讲座地点：学院南路校区学术会堂402会议室

讲座人简介：江轩宇，财经大学会计学院讲师。北京交通大学，本科；中国人民大学，硕士和博士。研究领域：公司金融与资本市场，已在Journal of Banking & Finance，Journal of Corporate Finance ，《经济研究》，《经济学（季刊）》，《金融研究》，《南开管理评论》，《中国会计评论》等期刊发表多篇学术论文。

本次论坛参加人员范围：会计学院专业硕士、博士生、本硕博连读生以及本科生学术创新实验班成员。

[编辑]：孙颖