Journal of Financial & Quantitative Analysis. December 2017 , Volume 52, Issue 6

文化相近性与财务信息处理

作者：Qianqian Du (Hong Kong Polytechnic University School of Accounting and Finance)

Frank Yu（China Europe International Business School (CEIBS)）

Xiaoyun Yu（Indiana University Kelley School of Business）

摘要：本文检验了文化如何影响金融市场的信息不对称。我们抽出在美国上市但公司总部在中国的公司进行研究，并且我们手动筛选出美国金融市场上华人分析师（中国分析师）。我们发现中国分析师相较于非中国分析师能对中国公司做出更准确的预测。这种现象在信息透明度低的环境中更明显。进一步的研究表明文化的相近性比语言共性和分析师现存的信息渠道的表现更好。当中国分析师发布关于中国公司的积极预测观点或调高中国公司的评级时，市场的反应更强烈。

Cultural Proximity and the Processing of Financial Information

Qianqian Du (Hong Kong Polytechnic University School of Accounting and Finance)

Frank Yu（China Europe International Business School (CEIBS)）

Xiaoyun Yu（Indiana University Kelley School of Business）

ABSTRACT

This paper examines how culture affects information asymmetry in financial markets. We extract firms traded in the United States but headquartered in regions sharing Chinese culture (“Chinese firms”), and we manually identify a group of U.S. analysts of Chinese ethnic origin (“Chinese analysts”). We find that Chinese analysts issue more accurate forecasts on Chinese firms than non-Chinese analysts. The effect is stronger among firms with less transparent information environments. Further evidence suggests that cultural proximity can go beyond language commonality and analysts’ pre-existing channels for information. Market reaction is stronger when Chinese analysts issue favorable forecast revisions or upgrades about Chinese firms.

原文链接: https://www.cambridge.org/core/journals/journal-of-financial-and-quantitative-analysis/article/cultural-proximity-and-the-processing-of-financial-information/1BA70BADEA33ECED7198A5E47BB0BA25

翻译：汪国颂