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

政治貢獻與分析師行為

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：我們發現，政治貢獻揭示的分析師的個人特質影響他們的預測行為和股票價格。對共和黨做出主要貢獻的分析師采用了較為保守的預測風格。他們的盈利預測修正不太可能偏離其他分析師的預測，也不太可能大膽。他們推薦的股票也含有更多的溫和的升級和降級。總體而言，這些分析師産出更高質量的研究是公認的，并能夠得到他們的雇主，機構投資者和媒體的獎勵。但是股市的參與者卻沒有充分認識到這些分析師的卓越能力，因為市場對這些分析師進行的預測修正反應強度更弱。

關鍵詞：股票分析師，政治貢獻，保守的分析師，預測式，市場反應

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

原文鍊接：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

翻譯：黃濤