Review of Accounting Studies，March 2016, Volume 21, Issue 1, pp 37–88

政治贡献与分析师行为

作者：Danling Jiang (Florida State University-Department of Finance), Alok Kumar (University of Miami- Department of Finance), Kelvin K. F. Law (Tilburg University-Department of Accountancy)

摘要：我们发现，政治贡献揭示的分析师的个人特质影响他们的预测行为和股票价格。对共和党做出主要贡献的分析师采用了较为保守的预测风格。他们的盈利预测修正不太可能偏离其他分析师的预测，也不太可能大胆。他们推荐的股票也含有更多的温和的升级和降级。总体而言，这些分析师产出更高质量的研究是公认的，并能够得到他们的雇主，机构投资者和媒体的奖励。但是股市的参与者却没有充分认识到这些分析师的卓越能力，因为市场对这些分析师进行的预测修正反应强度更弱。

关键词：股票分析师，政治贡献，保守的分析师，预测式，市场反应

Political contributions and analyst behavior

Danling Jiang (Florida State University-Department of Finance), Alok Kumar (University of Miami- Department of Finance), Kelvin K. F. Law (Tilburg University-Department of Accountancy)

ABSTRACT

We show that the personal traits of analysts, as revealed by their political donations, influence their forecasting behavior and stock prices. Analysts who contribute primarily to the Republican Party adopt a more conservative forecasting style. Their earnings forecast revisions are less likely to deviate from the forecasts of other analysts and are less likely to be bold. Their stock recommendations also contain more modest upgrades and downgrades. Overall, these analysts produce better quality research, which is recognized and rewarded by their employers, institutional investors, and the media. Stock market participants, however, do not fully recognize their superior ability as the market reaction following revisions by these analysts is weaker.

Keywords: Equity analysts; Political contribution; Conservative analysts; Forecasting style; Market reaction

原文链接：http://xueshu.baidu.com/s?wd=paperuri%3A%28fcf8d1edbd42d217af284c96e6462048%29&filter=sc_long_sign&tn=SE_xueshusource_2kduw22v&sc_vurl=http%3A%2F%2Flink.springer.com%2Farticle%2F10.1007%2Fs11142-015-9344-9&ie=utf-8&sc_us=13428821903133697206

翻译：黄涛