Cultural Biases in Equity Analysis
研究发现，股权分析师所在国对企业总部所在国的文化信任偏见越正面，其股票推荐就越积极。这种偏见在名称提及母国的公司中更强，且随负面情绪增加而变化。更偏见的推荐对月度股票回报的预测能力更差。
ABSTRACT A more positive cultural trust bias by an equity analyst's country of origin toward a firm's headquarter country is associated with significantly more positive stock recommendations. The cultural bias effect is stronger for eponymous firms whose names mention their home country and varies over time, increasing with negative sentiment. I find evidence of a negative North‐South bias during the European debt crisis and United Kingdom‐Europe divergence amid Brexit. Share price reactions to recommendations by more biased analysts are weaker, and more biased recommendations are worse predictors of monthly stock returns. More positively biased analysts also assign higher target prices.