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Friends in Need Are Friends Indeed: An Analysis of Social Ties between Financial Analysts and Mutual Fund Managers
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| Zeitschriftentitel: | The Accounting Review |
|---|---|
| Personen und Körperschaften: | , , , |
| In: | The Accounting Review, 94, 2019, 1, S. 153-181 |
| Format: | E-Article |
| Sprache: | Englisch |
| veröffentlicht: |
American Accounting Association
|
| Schlagwörter: |
| author_facet |
Gu, Zhaoyang Li, Zengquan Yang, Yong George Li, Guangqing Gu, Zhaoyang Li, Zengquan Yang, Yong George Li, Guangqing |
|---|---|
| author |
Gu, Zhaoyang Li, Zengquan Yang, Yong George Li, Guangqing |
| spellingShingle |
Gu, Zhaoyang Li, Zengquan Yang, Yong George Li, Guangqing The Accounting Review Friends in Need Are Friends Indeed: An Analysis of Social Ties between Financial Analysts and Mutual Fund Managers Economics and Econometrics Finance Accounting |
| author_sort |
gu, zhaoyang |
| spelling |
Gu, Zhaoyang Li, Zengquan Yang, Yong George Li, Guangqing 0001-4826 1558-7967 American Accounting Association Economics and Econometrics Finance Accounting http://dx.doi.org/10.2308/accr-52160 <jats:title>ABSTRACT</jats:title><jats:p>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.</jats:p><jats:p>JEL Classifications: G10; G23; M40.</jats:p><jats:p>Data Availability: Data are available from the public sources cited in the text.</jats:p> Friends in Need Are Friends Indeed: An Analysis of Social Ties between Financial Analysts and Mutual Fund Managers The Accounting Review |
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| title |
Friends in Need Are Friends Indeed: An Analysis of Social Ties between Financial Analysts and Mutual Fund Managers |
| title_unstemmed |
Friends in Need Are Friends Indeed: An Analysis of Social Ties between Financial Analysts and Mutual Fund Managers |
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Friends in Need Are Friends Indeed: An Analysis of Social Ties between Financial Analysts and Mutual Fund Managers |
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Friends in Need Are Friends Indeed: An Analysis of Social Ties between Financial Analysts and Mutual Fund Managers |
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Friends in Need Are Friends Indeed: An Analysis of Social Ties between Financial Analysts and Mutual Fund Managers |
| title_short |
Friends in Need Are Friends Indeed: An Analysis of Social Ties between Financial Analysts and Mutual Fund Managers |
| title_sort |
friends in need are friends indeed: an analysis of social ties between financial analysts and mutual fund managers |
| topic |
Economics and Econometrics Finance Accounting |
| url |
http://dx.doi.org/10.2308/accr-52160 |
| publishDate |
2019 |
| physical |
153-181 |
| description |
<jats:title>ABSTRACT</jats:title><jats:p>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.</jats:p><jats:p>JEL Classifications: G10; G23; M40.</jats:p><jats:p>Data Availability: Data are available from the public sources cited in the text.</jats:p> |
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| author | Gu, Zhaoyang, Li, Zengquan, Yang, Yong George, Li, Guangqing |
| author_facet | Gu, Zhaoyang, Li, Zengquan, Yang, Yong George, Li, Guangqing, Gu, Zhaoyang, Li, Zengquan, Yang, Yong George, Li, Guangqing |
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| description | <jats:title>ABSTRACT</jats:title><jats:p>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.</jats:p><jats:p>JEL Classifications: G10; G23; M40.</jats:p><jats:p>Data Availability: Data are available from the public sources cited in the text.</jats:p> |
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| spelling | Gu, Zhaoyang Li, Zengquan Yang, Yong George Li, Guangqing 0001-4826 1558-7967 American Accounting Association Economics and Econometrics Finance Accounting http://dx.doi.org/10.2308/accr-52160 <jats:title>ABSTRACT</jats:title><jats:p>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.</jats:p><jats:p>JEL Classifications: G10; G23; M40.</jats:p><jats:p>Data Availability: Data are available from the public sources cited in the text.</jats:p> Friends in Need Are Friends Indeed: An Analysis of Social Ties between Financial Analysts and Mutual Fund Managers The Accounting Review |
| spellingShingle | Gu, Zhaoyang, Li, Zengquan, Yang, Yong George, Li, Guangqing, The Accounting Review, Friends in Need Are Friends Indeed: An Analysis of Social Ties between Financial Analysts and Mutual Fund Managers, Economics and Econometrics, Finance, Accounting |
| title | Friends in Need Are Friends Indeed: An Analysis of Social Ties between Financial Analysts and Mutual Fund Managers |
| title_full | Friends in Need Are Friends Indeed: An Analysis of Social Ties between Financial Analysts and Mutual Fund Managers |
| title_fullStr | Friends in Need Are Friends Indeed: An Analysis of Social Ties between Financial Analysts and Mutual Fund Managers |
| title_full_unstemmed | Friends in Need Are Friends Indeed: An Analysis of Social Ties between Financial Analysts and Mutual Fund Managers |
| title_short | Friends in Need Are Friends Indeed: An Analysis of Social Ties between Financial Analysts and Mutual Fund Managers |
| title_sort | friends in need are friends indeed: an analysis of social ties between financial analysts and mutual fund managers |
| title_unstemmed | Friends in Need Are Friends Indeed: An Analysis of Social Ties between Financial Analysts and Mutual Fund Managers |
| topic | Economics and Econometrics, Finance, Accounting |
| url | http://dx.doi.org/10.2308/accr-52160 |