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          東財·會計與財務論壇:顧朝陽

          報告題目:Short Sale Constraints,Divergence Of Opinions,and Optimism in Analyst Forecasts

          報 告 人:顧朝陽

          報告地點:勸學樓345

          主辦單位:會計學院

          【報告摘要】

          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.

          【報告人簡介】

          顧朝陽博士現任香港中文大學會計學教授、工商管理學院杰出學人、The Accounting Review編輯。此前曾任卡內基·梅隆大學助理教授和副教授,明尼蘇達大學卡爾森商學院副教授、霍尼維爾會計講席教授兼會計博士項目負責人,香港中文大學會計學院院長(2013-2020)。顧教授曾經為本科、MBA、EMBA及博士項目教授財務會計、管理會計、財務報表分析及資本市場會計研究等課程,研究興趣主要集中于資本市場方面的實證研究,包括分析師與管理層預測、盈余管理、權益與債券估值等。顧教授在一流學刊如Journal of Accounting & Economics, The Accounting Review, Review of Accounting Studies, Management Science等發表過多篇研究文章,在諸多國際會議和學術機構演講過研究成果。顧教授在清華大學完成英語本科,在中國人民大學獲得外國現代管理碩士,后赴美國圖蘭大學獲得經濟學碩士和會計學博士,并擁有美國公證會計師(非執業)證書。



          撰稿:曲琦 審核:劉行 單位:會計學院

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