财务、会计seminar第一百三十二期讲座

题目：Equity Ownership in IPO Issuers by Brokerage Firms and Analyst Research Coverage

演讲者：Xi Li    

Assistant Professor

Hong Kong University of Science and Technology

时间：2016年10月28日（周五）上午 10：00 - 11:30

地点：集美二103

主持人：郑祯 助理教授

参 加 者：对会计、财务研究有兴趣的师生

简介：We examine the quality of brokerage firm analyst coverage when they have venture capital investments in IPO issuers. We explore whether combining these activities compromises the objectivity of analyst reports given brokerage firm incentives to support IPO issues where they are shareholders. Alternatively, brokerage shareholdings could enhance affiliated analyst credibility with investors and discourage them from providing overly optimistic recommendations.  We find having brokerage firms with venture capital investment and analyst coverage benefits IPO investors. We observe that affiliated analyst recommendations are less optimistic and produce larger abnormal announcement returns than unaffiliated analysts, especially for stocks having greater information asymmetry.