Academic interest conflicts: laxity of Californian practice

The California Fair Political Practices Commission has ordered an investigation of the University of California's enforcement of its rules on disclosure of corporate support of faculty research. A Commission review of disclosure statements filed by faculty members revealed that 53 professors had a financial interest in the companies sponsoring their research, but that in no case did university review panels disapprove the grants or impose restrictions. Several examples of reports of significant financial interests are cited.     

利益冲突对分析师盈利预测的影响

选取2007-2009年度分析师对于上市公司每股收益的盈利预测数据,衡量预测误差的影响因素,重点考察分析师与基金经理的利益冲突对其的影响。采用多元线性回归模型及二元选择Logit模型,发现基金重仓股的盈利预测误差高于其他股票,但是误差来源并非来自于乐观倾向,而是来自其悲观倾向。分析师和基金经理之间的利益冲突对其盈利预测的影响不是很大。分析师对于盈利突变的情况难以把握是造成预测偏差的重要影响因素。