讲座主题：Are star analysts more influential? An analysis of analyst downgrades, short selling, and informed trading in an emerging market

讲座人：孟庆斌 副教授

讲座时间：2015年4月8日，周三，14:00开始

讲座地点：学院南路校区学术会堂702会议室

讲座提要：We study short selling prior to analyst downgrades in a sample of Chinese stocks from March 2010 to August 2014. We do not find abnormal short selling in the days before downgrade announcements in the full sample. For star (non-star) analysts sub-sample, however, we find significant (insignificant) abnormal short selling in ten days before downgrade announcements. Further, we show that brokerage's reputation and institutional investor ownership can mitigate the relation between star analyst downgrades and abnormal short selling. We provide evidence to suggest that the findings are not due to the short sellers’ stock picking ability. Our results are robust to different measures of abnormal short selling, abnormal returns, event windows, star analyst impact, and endogeneity. Our findings offer lessons to emerging market regulators.

讲座人简介：孟庆斌，中国人民大学商学院财务与金融系副教授。2003、2006、2009年在天津大学数学系、南开大学数学系、南开大学金融系获得学士、硕士、博士学位。研究方向为资产定价、金融工程。在《经济研究》、《金融研究》、《统计研究》、“ANOR”、“SIAM：JCO”、“AMC”、“QF”、“UJF”等国内、国际期刊期刊发表论文多篇。主持自然科学基金青年项目、教育部人文社科青年项目，并入选北京市青年英才计划。

参加人员范围：会计学院教师、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