【6月18日】Do analysts really anchor? Evidence from credit risk and suppressed negative information
发布日期：2019-06-14时间：2019年06月18日（星期二）10:00-11:00
地点：沙河校区，东区主教楼 303
报告题目： Do analysts really anchor? Evidence from credit risk and suppressed negative information
报告人：郝青, 美国德克萨斯大学阿灵顿分校 (University of Texas at Arlington)商学院金融与房地产系副教授, 金融博士, 博士生导师, 注册金融分析师 (CFA)
报告摘要：Recent findings indicate that stock analysts suffer from anchoring bias as they anchor their earnings per share forecasts on the industry median without making sufficient adjustments. Using a sample of firms rated by Standard and Poor's, we determine that this finding is concentrated in the worst rated firms, especially around credit rating downgrades. The driving force of the finding is that stock analysts suppress negative information for high credit risk stocks by dropping coverage instead of issuing low earnings per share forecasts, especially around credit rating downgrades. Our finding explains not only why stock analysts seem to suffer from anchoring bias, but also why analysts are overly optimistic for high credit risk stocks.
中文提要：作者通过讲解在Journal of Banking and Finance发表的该篇论文，分享从投稿到修改到最终被接受发表的过程和感受，听众也不需要做过相关方面的学术研究。本讲座尤其适合需要在海外统计与金融学术期刊发表文章的青年教师和博士生。
报告人简介：(Grace) 郝青,美国德克萨斯大学阿灵顿分校 (University of Texas at Arlington)商学院金融与房地产系副教授, 金融博士, 博士生导师,注册金融分析师 (CFA)。研究兴趣包括首次公开发行(IPOs),股票发行,企业并购，投资银行,和知情交易。她曾荣获顶级金融学术期刊 Journal of Financial Economics 最佳论文一等奖以及 Managerial Finance 论文高度赞扬奖。她在 Journal of Financial Economics, Journal of Financial and Quantitative Analysis, Journal of Banking and Finance, Financial Management, Journal of Corporate Finance, Journal of Financial Markets, Review of Finance, Journal of Financial Research, European Financial Management, 和 Managerial Finance等美国及欧洲著名学术期刊发表多篇文章, 还曾为Elsevier出版社出版的卖空手册(Handbook of Short Selling) 撰写章节。她现任 The Financial Review 副编辑, 并被邀为Journal of Finance, Management Science, Journal of Financial and Quantitative Analysis, Journal of Banking and Finance, 和 Journal of Corporate Finance 等多家知名学术期刊审稿。 她曾荣获德克萨斯大学阿灵顿分校商学院杰出本科生教学奖。 加入德克萨斯大学阿灵顿分校之前, 她在密苏里大学旗舰校园 (University of Missouri-Columbia)金融与房地产系任教八年。
本次活动受球探篮球比分,竞彩足球比分2019专题学术讲座项目资助。
[编辑]：张萌
