Research Projects

Research Projects Results (1)


Brokerage Culture, Tipping, and Analyst Ranking ( 2016 )

Assistant Professor Ma Guang
: Accounting
Anecdotal evidence suggests that financial analysts tip large institutional investors prior to publicly releasing their forecast reports. While tipping generally is in the grey area, regulators view it as unethical and there are cases in which tipping is punished by regulators. We investigate whether brokerage firms’ culture affects financial analysts’ tipping behaviour, and how brokerage culture interacts with economic incentives such as analyst ranking
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