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The effect of affiliated analysts on stock recommendations: Evidence from share pledges in China

China Journal of Accounting Research 2020年第1期13卷 79-107页

作者： Chenyu Zhang Aimin Qian Xiangyan Shi Business School Beijing Technology and Business UniversityChina Business School University of International Business and EconomicsChina School of Accounting Southwestern University of Finance and EconomicsChina

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 *** find that their recommendations are more optimistic than those of non-affiliated analysts,and they are more likely to issue Buy and Add recommendations,suggesting that they issue optimistic rating reports for share pledge firms due to their conflicts of *** also find a dynamic adjustment in the stock recommendation behavior of these analysts,and their probability after issuing optimistic stock recommendations is significantly reduced before and after the years that the affiliation relationship between them and share pledge firms both began and *** affiliated analysts continue to issue optimistic stock recommendations after visiting the share pledge firms if they work in the same location as the firms,or if they are star analysts among New Fortune’s‘‘top five analysts,"and when the information transparency of the share pledge firms is *** addition,the optimistic stock recommendation behavior of affiliated analysts is more significant in our sample of firms with high share pledge ratios and downward stock price *** earnings forecast quality of affiliated analysts is also found to be lower,and they are less inclined to downgrade stock recommendations for these share pledge *** recommendations issued by both nonaffiliated and affiliated analysts can bring cumulative excess returns in the short event window,but those issued by affiliated analysts are significantly negative in the long-term event window,and significantly lower than those issued by non-affiliated ***,our study shows that affiliated analysts issue optimistic rating reports on share pledge firms due to conflicts of interest,which leads to decision-making bias in investors and thus decreases the stock price crash risk of the *** findings further reveal the economic c

关键词： affiliated analysts Stock recommendations Share pledge Information superiority Interest conflict

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CLINICAL AND EXPERIMENTAL OBSERVATIONS ON TREATMENT OF PEPTIC ULCER WITH WEI YANG AN (EASING PEPTIC-ULCER) CAPSULE

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Journal of Traditional Chinese Medicine 1991年第1期11卷 34-39页

作者：周祖华胡毓恒皮敦厚范树元杨泽延王志强高加其彭启舟姚素华刘礼意 Hunan Institute of Gerontology Mawangdui Sanatorium of Hunan Province Changsha No.1 Factory of Traditional Drugs Medical Industry Institute of Hunan Province

The therapeutic effects of peptic ulcer treated with cimetidine and Wei Yang An (胃疡安) werecompared clinically and experimentally by the double blind *** showed that the ef-fects of the two are similar,but the long-term effect of Wei Yang An was *** Yang Anwas also good for most cimetidine resistant ulcers,with few side *** experiment show-ed that Wei Yang An inhibited the ulcers.

关键词：胃疡 peptic inhibited blind affiliated saline assessed markedly tablets illness

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Instructions for Authors

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World Journal of Emergency Medicine 2019年第4期10卷 253-256页

Overview World Journal of Emergency Medicine(WJEM),a peerreviewed quarterly journal based at the Second affiliated Hospital of Zhejiang University School of Medicine,China,publishes articles of interest to both clinicians and researchers involving emergency medicine around the *** focuses on content relevant to clinical practice and research,laboratory studies,continuing education about emergency medicine.

关键词： World Journal of Emergency Medicine(WJEM) Second affiliated Hospital Zhejiang University School

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INSTRUCTIONS FOR AUTHORS

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Chinese Medical Sciences Journal 2017年第1期32卷 69-71页

Chinese Medical Sciences Journal (Chin Med Sci J)[ISSN 1001-9294 (Print)] is a peer-reviewed journal,affiliated by the Chinese Academy of Medical Sciences andthe Peking Union Medical College. Chin Med Sci J publisheshigh-quality original research articles, editorials, reviews,and case reports etc. in the field of experimental andclinical medicine, pharmacology, stomatology, preventivemedicine, and traditional Chinese medicine. Chin Med Sci Jhas been indexed and abstracted by databases includingMEDLINE/PubMed/Index Medicus, Biological Abstracts/BIOSIS, Chemical Abstracts, Реферативныйж урнал(РЖ,Russia), Chinese Science Citation Database, SinoMed, WanfangData, and Chinese National Knowledge Infrastructure (CNKI).Currently, Chin Med Sci J publishes quarterly, and manuscriptsfrom all around world are welcomed.

关键词： Peking Journal affiliated

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RELIEVING CANCEROUS PAIN AND IMPROVING THE SURVIVAL QUALITY WITH FEI AI CHONG JI

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Journal of Traditional Chinese Medicine 1996年第2期16卷 98-100页

作者：蒋立范韩羽山 Heilongjiang College of TCM China 150040

Fei Ai Chong Ji is a pure herbal prepa-ration to be taken after being infused in hotwater for the treatment of lung cancer. Thedevelopment of the preparation is based onthe TCM principle of strengthening thebody resistance to eliminate pathogenic fac-tors and combining differentiation of symp-toms with discrimination of diseases. In re-

关键词： herbal discrimination pathogenic eliminate Chong stasis Radix affiliated strengthening clearing

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Development and Application of a Carrier-free Impulse Sub-surface Detecting Radar in China

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Aerospace China 1994年第1期 15-20页

作者： Zhi Haiyan, La Xicong, Wu Chunlmi

This paper describes the design and features of the Image Detecting Impulse (IDI) radar developed by Beijing Institute of Remote Sensing Equipment affiliated to China Aerospace Corp.,which has been successfully used to get three-dimension images of sub-surface *** also discusses the radar’s development,tests and wide applications.

关键词： Impulse affiliated Carrier antenna transmitting shallow buried dealing mature posed

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Sinofert Introduced Shell's Sulfur Incorporated Fertilizer Production Technology

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China Chemical Reporter 2009年第18期20卷 12-12页

Sinochem Fertilizer Company Limited,a wholly owned subsidiary of SinofertHolding Co.,Ltd.(HK:0297),and Shell Sulphur Solutions announced June10th to have entered into a technical co-operation agreement to conducttrial... 详细信息

关键词： affiliated subsidiary wholly owned Sulfur fertiliz

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Policy Recommendations to Prevent Financial Risks Caused by Speculative Capital Flows

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China Economist 2008年第3期3卷 41-52页

作者：唐旭梁猛 PhD in Economics Doctoral Advisor Staff of Bank of China PhD in Economics Post Doctorate in Finance Staff of Bank of China

There are two inaccuracies to the common belief that hot money flows into China through international trade: "hot money" and "trade channels". First, China’s domestic financial market is still at the initial stage of development, and foreign exchange control has put barriers to entry and exit of overseas capital. Strictly speaking, the short-term highly liquid "hot money" does not exist in China, and is referred to as long-term speculative capital in this paper. Second, such capital does not come from trade alone. International trade is only part of corporate business operations, and a more reasonable and complete description is that "overseas capital flows into China through foreign-funded enterprises". Through analysis of the inflow channels, this paper estimates that the stock of long-term speculative capital between 1999 and 2006 stands at almost US$ 400 billion. The year 2006 saw an increase of US$ 98.09 billion, of which US$ 35.4 billion was formed through international trade, which equals to roughly 20% of trade surplus that year. But this does not mean that 20% of trade surplus is long-term speculative capital.

关键词： Profit long term speculation capital foreign-funded enterprises affiliated trade FDI (foreign directly investment) depreciation

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PEOPLE & POINTS

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Beijing Review 2020年第51期63卷 10-11页

CALL FOR NEW INFLATION MEASUREMENT SYSTEM Zhou Xiaochuan,former Governor of the People’s Bank of China(PBC),the central bank,has proposed to change the way to define and measure *** a recent article in a magazine affiliated with the PBC,he said the current inflation measurement system is basically useless and could even lead to asset bubbles.

关键词： inflation affiliated magazine

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Silk Road or TPP?

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北京周报·英文版 2015年第23期 46-47页

Dear Readers,Forum is a column that provides a space for varying perspectives on contemporary Chinese *** invite you to submit personal viewpoints on past and current topics(in either English or Chinese).yanwei@*** Pl... 详细信息

关键词： invite submit contemporary think political engage affiliated motivation learner discussion

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