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今天的专题为大家介绍最近几篇运用中国数据的分析师研究工作论文，以及中国分析师数据库介绍: 工作论文： 1. Friends in Need are Friends Indeed: The Effects of Social Ties between Financial Analysts and Mutual Fund Managers Zhaoyang Gu, Chinese University of Hong Kong Guangqing Li, China Galaxy Securities Zengquan Li, Shanghai University of Finance and Economics Yong George Yang, The Chinese University of Hong Kong (CUHK) Abstract This study examines how social ties developed between financial analysts and mutual fund managers in the workplace lead to biased behavior. We show that after a mutual fund manager builds a significant position in a stock, analysts socially connected with her issue more optimistic recommendations for the stock than unconnected analysts. This effect persists after controlling for other relationships between the analyst and the fund manager, such as ownership of the fund by the brokerage, or the fund’s allocation of trading commissions to the analyst’s brokerage. In return for an analyst’s favor, a mutual fund manager is more likely to cast her star analyst vote in favor of that analyst. In addition, the fund manager’s fund company is also more likely to allocate its trading to the connected analyst’s brokerage. Collectively, these results suggest that social ties play an important role in the business decisions of financial analysts and mutual fund managers 链接地址： http://papers./sol3/papers.cfm?abstract_id=2504910 2. Seeing is Believing: Analysts’ Corporate Site Visits Qiang Cheng, Singapore Management University Fei Du, The University of Hong Kong Xin Wang, The University of Hong Kong Yutao Wang, Central University of Finance and Economics (CUFE) Abstract This study examines the impact of site visits on analysts’ forecast accuracy based on a sample of analysts’ corporate site visits to Chinese listed firms during 2009-2012. Using a difference-in-differences approach, we find that analysts who conduct site visits (“visiting analysts”) have a greater increase in forecast accuracy than non-visiting analysts. Consistent with the notion that site visits facilitate analysts’ information acquisition through observing firms’ operations, we find that the results are stronger for manufacturing firms, for firms with more tangible assets, and for firms with more concentrated business lines. In addition, we find that the effect of a site visit is greater when the site visit is an analyst-only visit, when the current site visit is preceded by fewer site visits, and when visiting analysts are located far from the visited firms. Moreover, visiting analysts’ forecast revisions are accompanied by a higher market response. Furthermore, we find that site visits partially mitigate non-local analysts’ information disadvantage. Lastly, our determinant analysis shows that the likelihood of analysts’ site visits increases with the expected benefits and decreases with the costs adherent to conducting site visits. Collectively, these results indicate that corporate site visits are an important information acquisition activity for analysts. 链接地址： http://papers./sol3/papers.cfm?abstract_id=2395093 3. Government Intervention and the Development of China’s Financial Intermediaries: Efficiency or Political Opportunism? Joseph D. Piotroski, Stanford University T.J. Wong, Chinese University of Hong Kong Donghui Wu, Chinese University of Hong Kong Abstract In this paper, we provide descriptive evidence on the nature and economic consequences of the government's intervention in the development of China's brokerage sector in 2005. Using hand collected data on the composition and ownership characteristics of China’s brokerage industry over the period 2000 to 2009, our analysis documents that brokerages owned by central government financial institutions used their political power / influence to capitalize on this government intervention and gain control over this important sector of the economy. Second, we document that the relative profitability of central brokerage firms increased following the government intervention, with central brokerage firms generating higher profit margins and return on equity realizations than both other government owned brokerages and non-state-owned brokerage firms. Third, we document that central brokerage firms use their natural political connections to garner benefits for their client firms, both increasing the likelihood of gaining CSRC approval for an IPO and shortening the length of time needed to obtain approval to engage in a seasoned equity offering. Lastly, we document that the clients of central brokerage firms experience significantly weaker financial and stock price performance in the three years following these offerings, experience larger IPO underpricing and are more likely to be sanctioned for corporate misconduct. Together, the evidence in this paper supports the conclusion that the government intervention inadvertently facilitated the ability of politically connected brokerages to opportunistically consolidate control over the sector. 4. Analyst Coverage in the Premarket of IPOs Chunxin Jia, Peking University Zhen Xie, Shanghai University of Finance and Economics Donghang Zhang, University of South Carolina Abstract There are on average 9.87 brokers/analysts covering an IPO in the premarket in China. Using a sample of Chinese IPOs from 2006 to 2012, we find that greater premarket analyst coverage and more optimistic earnings forecasts have a statistically significant and economically important positive impact on offer price revisions. More premarket analyst research also has a significant positive impact on the first-day returns. Interestingly, unlike the pattern in other countries, offer price revisions are negatively related to initial returns. Public disclosure of valuation information from lead underwriters, however, has little incremental impact on IPO pricing. 链接地址： http://papers./sol3/papers.cfm?abstract_id=2450012 中国分析师数据库介绍： 1）CBAS数据库 CBAS是专注于券商与分析师的研究数据库，除了分析师盈利预测和荐股评级，还提供了分析师个人信息（包括基本信息、教育背景和工作信息）、调研数据、券商所有权以及董监高背景、分析师报告大数据分析以及原始报告下载。CBAS的优势在于提供了很多独特数据，如分析师个人信息、券商信息、调研内容标注和分析师报告大数据分析。另外，CBAS为了研究者方便，还把分析师和券商进行编码。 登录方式：http://www./，可匿名登录试用 2）CSMAR数据库 CSMAR数据库中的分析师数据包括基本数据、预测数据和实际情况三个数据模块。基本信息中包括公司基本信息以及分析师排名；预测数据模块中包括分析师盈利预测、评级、目标价格和评级统计表；实际情况则提供了分析师盈利预测项目的实际指标。CSMAR数据库的优点是盈利预测字段较多，对券商进行了编码，对评级进行了标准化处理，并且提供了实际情况表格。 登录方式：http://www./，可匿名登录试用 3）WIND数据库 WIND数据库中的分析师数据包括盈利预测、投资评级、一致预测以及盈利预测surprise。 WIND数据库的优点是提供了一致预测与盈利预测surprise。缺点在于历史数据较短，团队分析师报告只提供第一个分析师的姓名。 登录方式：终端登录 |
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