Connecting Cross‐Border Market Participants: The Intermediary Role of International Analysts in Global Capital Markets
研究了国际分析师作为连接本地企业与外国投资者的关键中介，如何通过缓解信息障碍促进跨境股权投资，并分析了东道国信息环境与分析师群体异质性的影响。
Abstract Although the analyst profession has rapidly expanded internationally, very few studies have examined the distinct role of international analysts in the global economy. Motivated to address this need, we examine the role of international analysts as key intermediaries connecting local firms with foreign investors. Specifically, we investigate whether and under what circumstances the international analyst community in a host country influences foreign equity investment in the country. Our analyses of foreign portfolio investment inflows in 57 countries from 1987 to 2007 demonstrate that the international analyst community plays an essential role in facilitating cross‐border equity investment by mitigating foreign investors' information challenges. We also find that the extent of such influence is further affected by the heterogeneity of the host country's information environment and by that of the international analyst community. These findings extend the extant knowledge of analysts, information intermediaries, cross‐border capital investment, and global professions.