Friends in Need Are Friends Indeed: An Analysis of Social Ties between Financial Analysts and Mutual Fund Managers

doi:10.2308/accr-52160

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	Friends in Need Are Friends Indeed: An Analysis of Social Ties between Financial Analysts and Mutual Fund Managers
	Gu, Zhaoyang 1; Li, Zengquan 2; Yang, Yong George 1; Li, Guangqing 3
刊名	ACCOUNTING REVIEW
	2019-01
卷号	94 期号:1 页码:153-181
关键词	social networks financial analysts mutual funds
ISSN号	0001-4826
DOI	10.2308/accr-52160
英文摘要	We examine how hometown, school, and workplace ties between financial analysts and mutual fund managers affect their business decisions. We show that a fund manager is more likely to hold stocks covered by analysts with whom she is socially connected, and that she also makes higher profits from these holdings. Such social tie-related holding returns are higher among more opaque firms. In return, a fund manager tends to cast her star analyst votes in favor of her connected analysts, and her fund company is more likely to allocate trading commissions to her connected analysts' brokerages. Additional tests indicate that analysts more actively acquire information (through conducting corporate site visits) and issue more optimistically biased recommendations for stocks held by fund managers with whom they are connected. Overall, our results illustrate the pronounced influence of social networks on the behaviors of analysts and fund managers.
WOS研究方向	Business & Economics
语种	英语
出版者	AMER ACCOUNTING ASSOC
WOS记录号	WOS:000461030600007
内容类型	期刊论文
源URL	[http://10.2.47.112/handle/2XS4QKH4/400]
专题	上海财经大学
通讯作者	Gu, Zhaoyang
作者单位	1.Chinese Univ Hong Kong, Hong Kong, Peoples R China; 2.Shanghai Univ Finance & Econ, Shanghai, Peoples R China; 3.China Galaxy Secur Co Ltd, Beijing, Peoples R China
推荐引用方式 GB/T 7714	Gu, Zhaoyang,Li, Zengquan,Yang, Yong George,et al. Friends in Need Are Friends Indeed: An Analysis of Social Ties between Financial Analysts and Mutual Fund Managers[J]. ACCOUNTING REVIEW,2019,94(1):153-181.
APA	Gu, Zhaoyang,Li, Zengquan,Yang, Yong George,&Li, Guangqing.(2019).Friends in Need Are Friends Indeed: An Analysis of Social Ties between Financial Analysts and Mutual Fund Managers.ACCOUNTING REVIEW,94(1),153-181.
MLA	Gu, Zhaoyang,et al."Friends in Need Are Friends Indeed: An Analysis of Social Ties between Financial Analysts and Mutual Fund Managers".ACCOUNTING REVIEW 94.1(2019):153-181.