讲座题目：贬低竞争对手：投资银行关系如何影响分析师的预测？
主 讲 人：新加坡南洋理工大学 张怀 教授
讲座时间：2024年7月4日（周四）10:00
讲座地点：商学院江湾楼 336 晨星厅
主办单位：中南大学商学院
主 持 人：中南大学商学院 关健 教授
摘 要：
We show that financial analysts issue more pessimistic forecasts for their investment banking clients’competitors than for unrelated firms. Investors only partially see through analysts’ pessimism for client competitors and the pessimism reduces the market value of the competitors. The pessimism is more pronounced when the client is more important to the investment bank, when the competition between the client and its competitors is more intense, when high uncertainty prevents competitors from detecting analysts’ strategic motives, and when analysts’ brokerage houses are less prestigious. We explore the impact of the Global Settlement of 2002 on our finding. Additional analyses show that our main finding is more consistent with the strategic incentive explanation than the selection bias explanation, and that analysts issuing pessimistic opinions to clients’ competitors have better career prospects. Overall, our results demonstrate that issuing pessimistic forecasts for clients’ competitors is an understudied channel through which analysts curry favor with their investment banking clients.
主讲人简介:
张怀，新加坡南洋理工大学会计学正教授(终身教职)，闽江学者讲座教授(2015)，北美华人会计教授协会前任会长。截至目前，已于以下英国金融时报顶级 50 商业学术期刊上发表13 篇文章： Journal of Accounting and Economics, Journal of Accounting Research, Journal of Finance, Management Science, Contemporary Accounting Research 以及Review of Accounting Studies。于2011， 2013 和 2019 年三次获得 Nanyang Business School Research Excellence Award。张教授现任 Accounting Horizons及The International Journal of Accounting 主编，China Accounting and Finance Review 副主编，Contemporary Accounting Research，Journal of Business Finance & Accounting, Review of Accounting and Finance 编委会成员。曾在多个国际学术研讨会上发表主题演讲。
