THE JOURNAL OF ACCOUNTING RESEARCH. SEPTEMBER 2018

分析师所在国家机构对偏见研究的影响：来自于目标价格的证据

作者：Mark T. Bradshaw（Boston College）

Alan G. Huang（University of Waterloo）

Hongping Tan（McGill University）

摘要：之前的研究表明，一国较强的制度基础设施会缓和市场参与者的自利行为。跨国经济活动的显著增加，为检验本国制度基础设施与外国制度基础对个体市场参与者的相对影响提供了一个研究机会。我们利用分析师所在国家相对于他所分析的公司所在国家的差异，检验了分析师研究中乐观程度的制度性决定因素。通过分析目标价格（关于此,持续的乐观主义已有详细研究），我们发现那些居住在较强的制度基础设施国家的分析师明显有更低的目标价格乐观情绪和更多与价值相关的目标价格。本文研究结果表明：本国的制度因素对于缓解参与跨国活动的市场参与者的自利行为具有重要意义。

关键词：金融分析师；目标价格；乐观主义情绪；分析师国家；制度基础设施；投资者保护主义；法律执行；自利行为；股票收益

The Effects of Analyst‐Country Institutions on Biased Research: Evidence from Target Prices

Mark T. Bradshaw（Boston College），Alan G. Huang（University of Waterloo），Hongping Tan（McGill University）

ABSTACT

Prior research demonstrates that a strong institutional infrastructure in a country moderates self-serving behavior of market participants. Cross-country economic activities have increased significantly, presenting a research opportunity to examine the relative influence of local versus foreign institutional infrastructure on individual market participants. We utilize variation in analyst-country location relative to covered firm-location to examine institutional determinants of optimism in analyst research. Focusing on target prices, where persistent optimism is well documented, we find that analysts domiciled in countries with stronger institutional infrastructures exhibit significantly attenuated target price optimism and more value-relevant target prices. Our results demonstrate the importance of domestic country-level institutional factors in moderating self-serving behavior by market participants engaged in cross-country activities.

Keywords: financial analyst; target price; optimism; analyst country; institutional infrastructure; investor protection; legal enforcement; self-serving behavior; stock returns

原文链接：https://onlinelibrary.wiley.com/doi/full/10.1111/1475-679X.12245

翻译：王霄霄