主题： Buy-Side Institutions and Industry Knowledge of
Sell-Side Analysts（买方机构与卖方分析师的行业知识）
主讲人：张劲帆，国际货币基金组织经济学家
日期：2015年12月29日（周二）
时间：上午10:00-11:30
地点：德州扑克大小
金融德州扑克大小
4号楼102教室
语言：英文
摘要：
Using novel and unique biographical data on
sell-side analysts’ industry work experience and broker commissions derived
from mutual fund clients, we find that buy-side funds allocate higher equity
trading commissions to brokerage houses providing industry experienced analyst
coverage on portfolio holding firms. Client funds generate higher abnormal
holding returns, execute more profitable trades and exhibit modest bias on
these stocks. For identification, we exploit a host of disruptions to research
coverage emanating from analyst job changes, brokerage mergers, analyst
retirements and deaths and find consistent results. Industry experienced
analysts who have longer related industry work experience, professional
connections to covered firms’ management, and all-star status and who cover
firms moving more synchronously with industry fundamentals and firms with poor
information environments confer greater benefits. The results are consistent
with the notion that industry knowledge of sell-side analysts is important for
brokerage firms as well as buy-side clients, highlighting the significant
economic roles of analysts in capital markets.
主讲人简介:
Jinfan Zhang is
working for working for Monetary and Capital Market
Department of International Monetary Fund as an Economist since September 2014.
Previously, Dr. Zhang spent 2 years in the Cheung Kong Graduate School of
Business as an Assistant Professor of Finance. He was also a research assistant
of J.P. Morgan Fellow Program at Yale University from 2011 to 2012. He received
a Ph.D. in Financial Economics from Yale University in 2013 and a Ph.D. in
Telecommunications System and Technology from Tsinghua University in 2007. Dr.
Zhang’s research interests include asset pricing, financial markets and
institutions. He has articles published in the Review of Financial Studies, and IEICE Transactions on Communications, among others.
