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东财•会计与财务论坛:顾朝阳
2021年06月01日

报告题目:Short Sale Constraints, Divergence Of Opinions, and Optimism in Analyst Forecasts

报告人:顾朝阳

报告时间:2021年6月3日(周四)14:30

报告地点:劝学楼145

主办单位:东北财经大学会计学院

【报告摘要】

We examine whether analysts properly incorporate information in the stock price when it temporarily deviates from fundamental values due to short sale constraints and divergent opinions. According to Miller (1977), stocks will be overvalued when investors have difficulty in shorting them and disagree on their valuation. Using relative short interest as a proxy for the short sale constraints and several proxies for the divergence of opinions, we document that analysts’ forecasts are more optimistic in the presence of short sale constraints and divergent opinions. Further analysis using earnings announcement as a shock to the divergence of opinions shows that analyst forecast optimism is reduced after the earnings announcement and that this effect is more pronounced for firms with more short sale constraints. Our study adds to the cognitive bias explanation for the optimistic bias in analyst forecasts.

【报告人简介】

顾朝阳博士现任香港中文大学会计学教授、工商管理学院杰出学人、The Accounting Review编辑。此前曾任卡内基·梅隆大学助理教授和副教授,明尼苏达大学卡尔森商学院副教授、霍尼维尔会计讲席教授兼会计博士项目负责人,香港中文大学会计学院院长(2013-2020)。顾教授曾经为本科、MBA、EMBA及博士项目教授财务会计、管理会计、财务报表分析及资本市场会计研究等课程,研究兴趣主要集中于资本市场方面的实证研究,包括分析师与管理层预测、盈余管理、权益与债券估值等。顾教授在一流学刊如Journal of Accounting & Economics, The Accounting Review, Review of Accounting Studies, Management Science等发表过多篇研究文章,在诸多国际会议和学术机构演讲过研究成果。顾教授在清华大学完成英语本科,在中国人民大学获得外国现代管理硕士,后赴美国图兰大学获得经济学硕士和会计学博士,并拥有美国公证会计师(非执业)证书。