德勤－复旦会计论坛系列讲座之一百二十四

时间：2017年6月7日（周三）上午10：10

地点：史带楼603室

主持人: 方军雄教授

演讲嘉宾：薛皓 (New York University)

Title：Independent and A_liated Analysts: Disciplining and Herding

Abstract：The paper investigates strategic interactions between an independent analyst and an a_liated analyst in the context of issuing stock recommendations. Compared to the independent analyst, the a_liated analyst has superior information but faces a conict of interest. I show that the independent analyst disciplines the a_liated analyst's biased forecasting behavior. Meanwhile, the independent analyst sometimes herds with the a_liated analyst to improve his recommendation accuracy. Because of the a_liated analyst's conict of interest, the value the independent analyst expects to derive from his ex-post herding option is endogenous and can motivate him to acquire more information upfront. As a result, herding and disciplining not only co-exist but also mutually reinforce each other. That is, there is an endogenous complementarity between the independent analyst's ex-ante disciplining role and his ex-post herding behavior in equilibrium.

会计学系

2017-6-2