报告主题：Friends in Need are Friends Indeed: the Effects of Social Ties between Financial Analysts and Mutual Fund Managers

    报告人：李增泉

    时间：2013年12月5日（星期四）14:00—16:00

    地点：综合楼802会议室

    参加者：学院青年博士老师为主体、院在读研究生为辅。

    报告人简介：李增泉，上海财经大学会计学院教授、博士生导师，会计学院副院长，主要研究兴趣为企业理论、公司治理与财务会计，已在及国际领先期刊《The Accounting Review》、《Journal of Corporate Finance》及《经济研究》、《管理世界》、《会计研究》和《中国会计与财务研究》等国内权威经济期刊发表论文数30多篇，主持和参与完成多项国家级和省部级课题，出版著作4本，并有多篇论文获教育部、中国会计学会、上海市哲学社会科学和国际研讨会优秀论文奖，并获得上海市“曙光学者”称号。主要社会兼职包括香港城市大学会计系长期访问学者、上海市徐汇区国资委财务咨询专家、《经济研究》等多家权威期刊匿名审稿人、上海海博股份有限公司独立董事等。

    [内容提要] We investigate how social ties developed at workplace between financial analysts and mutual fund managers lead to their biased behaviors. We show that, for stocks held by mutual funds, analysts socially connected with the fund managers issue more optimistic recommendations than unconnected analysts. This effect holds after controlling for other ties between analysts and fund managers such as ownership of analysts’ brokerages in the funds or allocation of trading commission fees by the funds to the analysts’ brokerages. In return, analysts are more likely to be voted as star analysts when they are connected with more fund managers through past work experience. Brokerages are also more likely to obtain trading commission fees from funds when they have analysts connected with the fund managers. Collectively, these results suggest that social ties play an important role in the business decisions of financial analysts and mutual fund managers.