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    ���þ�γ 2017 Issue (2) :153-157
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    ���ϲƾ�������ѧ ���ѧԺ,���� �人 430073
    Reputation Mechanism,Institutional Investors�� Trading Commission Fees and Analysts�� Recommendations
    SHI Xian-wang, LI Zuan
    School of Accounting &
Finance, Zhongnan University of Economics and Law, Wuhan 430073, China
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Abstract�� Taking analysts�� recommendations data, trading commission fees and seasonal top ten awkwardness data in the fund companies and financial data of the listed companies during 2003~2012 in our country as samples, this paper studies whether the fund companies�� trading commission fees make a great difference on security analysts�� recommendations. The results of this study show that fund companies�� trading commission fees are positively correlated with optimistic recommendation issued by affiliated analyst to the stocks that the fund companies have taken large positions in. Further study has found that the reputation mechanism can significantly restrain optimistic stock recommendation from above conflicts of interests. To make the analysts independent, objective and honest, the relevant authority should strengthen the supervision and guidance of the security research department.
Keywords�� Financial Instability Hypothesis   Financial Risk   Mechanism Analysis   Reputation Mechanism   Institutional Investors   Analysts�� Recommendations   Trading Commission Fees     
�ո����� 2017-03-30; �������� 2017-03-30;
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ʩ����,�� ��.�������ơ�����Ͷ����Ӷ��ֲ������ʦ����[J].  ���þ�γ, 2017,2: 153-157
SHI Xian-wang, LI Zuan.Reputation Mechanism,Institutional Investors�� Trading Commission Fees and Analysts�� Recommendations[J]  Economic Survey, 2017,V34(2): 153-157
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http://www.jjjw.org/CN/     ��     http://www.jjjw.org/CN/Y2017/V34/I2/153
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