Zhang, Chenyu; Qian, Aimin; Shi, Xiangyan - In: China journal of accounting research : CJAR 13 (2020) 1, pp. 79-107
We use the share pledge context in China to examine how affiliated analysts whose securities companies are pledgees of … share pledge firms issue stock recommendations on these listed firms. We find that their recommendations are more optimistic … issue optimistic rating reports for share pledge firms due to their conflicts of interest. We also find a dynamic adjustment …