Abstract:
Whether the short selling mechanism influence the analysts’ forecast behavior？ Based on deregulation on short selling of China in 2010, the study using double difference model inspection finds that deregulation on short selling increases downside risks,and small and medium-sized investors’ departure influence securities trader’s brokerage revenues,which prompts analysts issuing bullish earnings forecasts. In large companies, the effect is more pronounced. Further analysis finds that, in “bull market”, the effect is particularly significant.
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