{"title":"中国资本市场的制度开放与分析师竞争：信息获取优势的证据","authors":"Rujun Xu , Sha Wu","doi":"10.1016/j.econmod.2024.106895","DOIUrl":null,"url":null,"abstract":"<div><div>The factors driving analyst competition have emerged as a critical research topic while firm characteristics and external environments affect analyst competition. However, the impact of institutional openness is underexplored in the current literature. Based on a quasi–natural experiment of the Administrative Measures for Foreign-Invested Brokerage Firms, we examined the effects of institutional openness on analyst competition using a difference–in–differences model (DID). Our research illustrates that greater institutional openness improves analyst competition through information acquisition advantages. The positive impact of institutional openness on analyst competition was more pronounced in brokerage firms with shorter establishment times and companies with less investor attention. Finally, analyst competition caused by institutional openness enhanced the market information transmission efficiency. The findings provide essential contributions to understanding the institutional openness effect and characteristics of the analyst industry.</div></div>","PeriodicalId":48419,"journal":{"name":"Economic Modelling","volume":"141 ","pages":"Article 106895"},"PeriodicalIF":4.2000,"publicationDate":"2024-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Institutional openness and analyst competition in China's capital market: Evidence of information acquisition advantages\",\"authors\":\"Rujun Xu , Sha Wu\",\"doi\":\"10.1016/j.econmod.2024.106895\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>The factors driving analyst competition have emerged as a critical research topic while firm characteristics and external environments affect analyst competition. However, the impact of institutional openness is underexplored in the current literature. Based on a quasi–natural experiment of the Administrative Measures for Foreign-Invested Brokerage Firms, we examined the effects of institutional openness on analyst competition using a difference–in–differences model (DID). Our research illustrates that greater institutional openness improves analyst competition through information acquisition advantages. The positive impact of institutional openness on analyst competition was more pronounced in brokerage firms with shorter establishment times and companies with less investor attention. Finally, analyst competition caused by institutional openness enhanced the market information transmission efficiency. The findings provide essential contributions to understanding the institutional openness effect and characteristics of the analyst industry.</div></div>\",\"PeriodicalId\":48419,\"journal\":{\"name\":\"Economic Modelling\",\"volume\":\"141 \",\"pages\":\"Article 106895\"},\"PeriodicalIF\":4.2000,\"publicationDate\":\"2024-09-25\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Economic Modelling\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0264999324002529\",\"RegionNum\":2,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"ECONOMICS\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Economic Modelling","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0264999324002529","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}
Institutional openness and analyst competition in China's capital market: Evidence of information acquisition advantages
The factors driving analyst competition have emerged as a critical research topic while firm characteristics and external environments affect analyst competition. However, the impact of institutional openness is underexplored in the current literature. Based on a quasi–natural experiment of the Administrative Measures for Foreign-Invested Brokerage Firms, we examined the effects of institutional openness on analyst competition using a difference–in–differences model (DID). Our research illustrates that greater institutional openness improves analyst competition through information acquisition advantages. The positive impact of institutional openness on analyst competition was more pronounced in brokerage firms with shorter establishment times and companies with less investor attention. Finally, analyst competition caused by institutional openness enhanced the market information transmission efficiency. The findings provide essential contributions to understanding the institutional openness effect and characteristics of the analyst industry.
期刊介绍：
Economic Modelling fills a major gap in the economics literature, providing a single source of both theoretical and applied papers on economic modelling. The journal prime objective is to provide an international review of the state-of-the-art in economic modelling. Economic Modelling publishes the complete versions of many large-scale models of industrially advanced economies which have been developed for policy analysis. Examples are the Bank of England Model and the US Federal Reserve Board Model which had hitherto been unpublished. As individual models are revised and updated, the journal publishes subsequent papers dealing with these revisions, so keeping its readers as up to date as possible.
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