时 间：2018年6月25日（周二）上午10:00
地 点：浙江大学紫金港校区行政楼702会议室
主讲人：Yong Yu教授，The University of Texas at Austin
主持人：陈俊教授，yl23411永利
题 目：Short-sellers and analysts’ self-selection in coverage
摘 要：
This study examines whether short-sellers mitigate or exacerbate analysts’ self-selection in coverage (i.e., covering (forgoing) firms for which they have favorable (unfavorable) information). We measure short-selling potential using lendable shares, and gauge an analyst’s self-selection in coverage by the difference between the analyst’s initial ratings for her newly-added firms and ratings for her previously-covered firms (McNichols and O’Brien 1997). We find that short-selling potential is negatively related to analysts’ self-selection in coverage and this negative relation is concentrated in firms where higher short-selling potential triggers more short-sales. Further instrumental variable tests and analyses of a shock to short-selling potential provide evidence that this negative relation is causal. Additional tests reveal that our results cannot be attributed to short-sellers conveying negative information to analysts or disciplining analysts’ ratings. Finally, we show that the predictive power of analyst coverage for subsequent stock returns decreases with short-selling potential. Overall, our results suggest that short-sellers mitigate analysts’ self-selection in coverage by increasing the trading benefit of analysts’ bad news disclosures (Hayes 1998).
主讲人简介：
Yong Yu教授，美国德克萨斯大学Austin分校McCombs商学院（会计学专业连续近20年全美排名第1），1999年本科毕业于清华大学国际会计专业，2006年获美国宾州州立大学会计学博士学位。Yu教授是当今北美青年会计学者的杰出代表之一，主要从事资本市场会计与审计治理、财务分析师和机构投资者市场角色等领域的研究，他的所有研究成果均发表于国际会计和财务学顶级期刊，至今已公开发表学术论文17篇。同时，他是现任美国会计学会会刊The Accounting Review的编辑委员会委员，并曾任美国会计学会（AAA）和欧洲会计学会（EAR）学术编辑委员会成员。
