证券分析师利益冲突影响投资者利益吗--一个经验研究评述(1995-2007) 被引量：27

Are Investors Harmed by Financial Analysts′Conflicts of Interest A Literature Review on Empirical Study between 1995-2007

原文传递

导出

摘要近年来,公众对证券分析师利益冲突的广泛关注促使政府及相关部门采取了组织隔离与业务分立等一系列监管措施以保护投资者利益。然而,近期的实证研究却对"证券分析师利益冲突损害投资者利益"这一监管前提提出了质疑。本文在对1995—2007年间相关文献进行综述的基础上,分析了实证结果与监管当局观点之间存在差异的原因,并据此提出了若干利益冲突监管政策调整思路,以期为我国证券市场监管效率的提高提供启示和借鉴。 Public attention to the conflicts of interest of financial analysts has triggered the enforcement of series regulatory measures, such as organizational isolation and business separation to protect investors＇ interest. However, recent empirical studies questioned that ＂investors are harmed by analysts conflicts of interest＂, the premise which regulation works on. This paper analyzes the difference between the evidence and authorities＇ viewpoints based on a related literature review from 1995 to 2007, and argues that revision may be needed to constrain conflicts of interest to improve the efficiency of stock market regulation in China.

作者张雪兰何德旭

机构地区中南财经政法大学新华金融保险学院中国社会科学院财贸经济研究所

出处《金融研究》 CSSCI 北大核心 2008年第7期170-183,共14页 Journal of Financial Research

关键词证券分析师利益冲突投资者利益金融监管 financial analysts, conflicts of interest, investor interests, financial regulation

分类号 F830.91 [经济管理—金融学] F224.32 [经济管理—国民经济]

引文网络
相关文献

参考文献52

1Agrawal, A. ,Chen, M. A. , (2004). Analyst conflicts and research quality. Unpublished working paper. University of Alabama.
2Agrawal, A. ,Chen, M. A. , (2007). Do analyst conflicts matter? Evidence from stock recommendations. Unpublished working paper. University of Alabama. Electronic copy available at: http ://ssm. corn/abstract =65428, visited on 2007/ 10/18.
3Bajari, P. , Krainer, J. , (2004). An empirical model of stock analysts' recommendations: market fundamentals, conflicts of interest, and peer effects. Unpublished working paper. National Bureau of Economic Research.
4Barber, B. , Lehavy, R. , McNichols, M. , Trueman, B. , (2006). Buys, holds, and sells: The distribution of investment banks' stock ratings and the implications for the profitability of analysts' recommendations. Journal of Accounting and Economics 41, 87 - 117.
5Bhattaeharya, Utpal, Neal Galpin, Rina Ray and Xiaoyun Yu, 2007, The role of the media in the intemet IPO bubble, Journal of Financial and Quantitative Analysis, fortheoming.
6Boni, L. , (2006). Analyzing the analysts after the global settlement. In: Fuchita, Y. , Litan, R.E. (Eds.), Financial Gatekeepers: Can They Protect Investors? Brookings Institution Press and the Nomura Institute of Capital Markets Research.
7Bradley, D. J. , Jordan, B. D. , Ritter, J. R. , ( 2007 ). Analyst behavior following IPOs : the "bubble period" evidence. Review of Financial Studies, forthcoming.
8Bradshaw, M.T. , Richardson, S. A. , Sloan, R. G. , ( 2006 ). The relation between corporate financing activities, analysts' forecasts and stock returns. Journal of Accounting and Economics 42, 53 - 85.
9Chan, L. K. C. , Karceski J. , Lakonishok J. , (2006). Analysts' conflicts of interest and biases in earnings forecasts. Journal of Financial and Quantitative Analysis, forthcoming.
10Clarke, J. , Khorana, A. , Patel, A. , Rau, P. R , (2004). The good, the bad and the ugly? Differences in analyst behavior at investment banks, brokerages, and independent research firms. Unpublished working paper. Purdue University.

二级参考文献26

1宋军,吴冲锋.基于分散度的金融市场的羊群行为研究[J].经济研究,2001,36(11):21-27. 被引量：295
2李增泉.所有权结构与股票价格的同步性——来自中国股票市场的证据[J].中国会计与财务研究,2005,7(3):57-100. 被引量：92
3Geoffrey Brook(2001).On the Performance of South African Equity Analysts,Working Paper
4Womack k.(1996),Do Brokerage Analysis' Recommendations Have Investment value?[J].The Journal Finance,vol.51 (1):137-167
5Ho,W,J and R S Harris(1998),Market Reaction to Messages from Brokerage Ratings Systems[J].Financial Analysts Journal,54,1,:49-57
6Dreman DN and berry MA.(1995),Analyst forecasting Errors and Their Implications for Security Analysis[J].Financial Analysts Journal,May/June:30-41
7Elton EJ,Gruber MJ and Gultekin MN(1984).Professional Expectations:Accuracy and Diagnosis of Errors[J].Journal of Financial and Quantitative Analysis,19(4):351-363
8Allen A,Cho JY and Jung K(1997),Earning Forecast Errors:Comparative Evidence from the PacificBasin Capital Markets,Pacific-Basin Finance Journal,5:115-129
9[美]戴维.德瑞曼著,安凡所,邹方斌译.逆向投资策略[M].海天出版社2001年版
10Ayers, B and R. Freeman, 2003,“Evidence that analyst following and institutional ownership accelerate the pricing of future earnings”, Review of Accounting Studies 8:47 -67.