放松卖空管制对分析师预测行为的影响——来自中国准自然实验的证据

doi:10.12094/1002-7246（2017）11-0191-16

Journal of Financial Research

2017, Vol. 449

Issue (11): 191-206 DOI: 10.12094/1002-7246（2017）11-0191-16

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Deregulation on Short Selling Constraint and Analysts Forecast Behavior:Evidence from Quasi Natural Experiment of China

WANG Panna, LUO Hong

Accounting College, Southwestern University of Finance and Economics

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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.

Key words： Deregulation on Short Selling Analyst Forecast Optimism Market Pressure Mechanism Brokerage Institutions

Published: 10 January 2018

JEL分类号:	G14
	G28
	M41

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WANG Panna,LUO Hong. Deregulation on Short Selling Constraint and Analysts Forecast Behavior:Evidence from Quasi Natural Experiment of China[J]. Journal of Financial Research, 2017, 449(11): 191-206.

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http://www.jryj.org.cn/EN/10.12094/1002-7246（2017）11-0191-16 OR http://www.jryj.org.cn/EN/Y2017/V449/I11/191

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