基地研究员孔东民教授与合作者（Xu Cheng, School of Finance, Business School, Central South University; Xinwei Zheng, Department of Finance, Deakin University; Qi Tang, School of Economics, Huazhong University of Science and Technology）的论文“Do foreign investors crowd out sell-side analysts? Evidence from China” 在国际知名期刊The Financial Review在线发表。

Abstract:

This paper examines whether foreign investors (FIs) affect the information production of analysts. Based on China's stock market, we find that FIs significantly reduce analysts’ coverage. Such negative association is more pronounced in firms with a high level of governance and information disclosure and varies with analyst characteristics. We also identify two possible economic mechanisms: the information channel and the governance channel. Further tests suggest that as FIs crowd out analysts, the number of research reports and brokerage site visits decreased, but analyst forecast accuracy improved, indicating that the demand and supply of information are generally in equilibrium. We further address the endogeneity issue using a change-on-change analysis and a quasi-natural experiment, the Shanghai–Hong Kong Stock Connect (S-HKSC), and the results still hold. Overall, our results present evidence of potential information production by FIs, providing policy implications and highlighting the positive effect of China's open-door policy in capital markets.

链接：https://doi.org/10.1111/fire.12307

教师简介

孔东民，中南财经政法大学金融学院，文澜特聘教授，博士生导师。2015年入选“国家重点人才计划”。研究方向：中国资本市场、公司金融。目前已在Journal of Law and Economics、Review of Finance、Journal of Environmental Economics and Management、Contemporary Accounting Research、Journal of Corporate Finance、Journal of Banking and Finance、China Economic Review、《经济研究》、《管理世界》、《金融研究》、《经济学季刊》等国内外重要期刊发表论文多篇，主持多项国家自然科学基金。现兼任中国管理现代化研究会金融管理专业委员会委员；国家自然科学基金通讯评审专家；《证券市场导报》、《中南财经政法大学学报》、《会计与经济研究》、《珞珈管理评论》、《金融科学》、《当代会计评论》、《江汉学术》编委; China Finance Review International, Associate Editor；并担任《经济研究》、《管理世界》、《金融研究》等国内外多家权威期刊的匿名审稿人。