On the afternoon of April 10, 2025 (Thursday), CUFE Business School successfully held CUFE 2025 Special Academic Lecture and the Sixth Lecture of CUFE Business School Academic Excellence Lecture Theatre 2025 in the Conference Room 615 of the Main Teaching Building of the College South Road Campus. The lecture invited Professor Hao Ying from the School of Economics and Management of Beijing Normal University as the guest speaker. Teachers, doctoral students and master's students of the School of Business attended the event.
The meeting was hosted by Associate Professor Dou Chao of the Department of Financial Management, CUFE Business School. Before the formal start of the lecture, Professor Dou Chao introduced Professor Hao Ying's curriculum vitae in detail. Professor Hao Ying is a member of the Academic Committee of the School of Economics and Management of Beijing Normal University, and the director of the Research Center of State-owned Enterprises. He is a visiting scholar at Columbia University Business School. Professor Hao is also a member of the National Accounting Leaders of the Ministry of Finance, an expert in cadre education and training of the Ministry of Human Resources and Social Security, a member of the External Academic Exchange Committee of the Chinese Accounting Association, a member of the Financial Management Committee of the Chinese Association of Accountants General, and a member of the Board of Directors of the Accounting Association of the Chinese Foreign Economic Relations and Trade. As a project leader, Professor Hao Ying has presided over three National Natural Science Foundation of China and one Humanities and Social Sciences Foundation of the Ministry of Education. In recent years, as the first author, Professor Hao Ying has published in Review of Accounting Studies, Financial Management, Pacific Basin Finance Journal, International Review of Financial Analysis, Economic Research, World of Management, Economic Research, Management World, and International Journal of Accounting. Economic Research, Management World, Journal of Management Science, Nankai Management Review, Financial Research, Accounting Research, Financial Research, China Management Science and other important academic journals at home and abroad published more than 40 papers. He was awarded the Eighth Award for Outstanding Achievements in Scientific Research in Colleges and Universities (Humanities and Social Sciences).
Professor Hao's talk is titled "Getting to know fund managers: Analyst research in search of visibility ---- Evidence from China's star analysts' voting". The study focuses on whether and how analysts' motivation to win All-Star awards by strategically raising the visibility of fund managers affects their research quality and career outcomes. The study first demonstrates that analysts were more motivated to make more money managers aware of their presence in the third quarter (Q3) of the year, the quarter before the star analyst vote, than in any other quarter; they issued earnings forecasts more frequently, but wrote research reports that were, on average, smaller in length and more likely to cover a new company. We rule out several alternative explanations, including that analysts' strategic behavior is simply a proxy for analyst competence and general professional concerns. The results are more pronounced for analysts with stronger incentives to become star analysts, firms with higher institutional ownership, and analysts working for smaller brokerage firms. The study refers to analyst forecasts driven by incentives to seek fund manager visibility as visible forecasts. The study found that visible forecasts were less accurate than peer forecasts, but bolder. Visible forecasts were also associated with smaller market reactions.The study further suggests that fund managers partially responded to these visible forecasts: after the third quarter, they were more likely to schedule company site visits to coincide with company visits by analysts who issued higher-quality visible forecasts. Finally, the study found that while issuing more accurate visible forecasts helps analysts gain access to all-stars, seeking visibility is also expensive. In a more competitive industry, analysts who issue less accurate visible forecasts are more likely to be penalized by being denied access to lesser-known brokerage firms or even exiting the industry. Overall, the findings document the opportunistic behavior of an under-explored analyst winning an All-Star award.
After the lecture, the participating teachers and students centered on the topic shared by Professor Hao Ying, and had a warm discussion on the topics of research selection, paper publication and submission, which further promoted the deep exchange of academic research.
The "Academic Excellence Forum" is an academic exchange platform set up by CUFE Business School to fulfill its mission of "Contributing New Knowledge to Management", aiming to focus on the cutting-edge theoretical issues and organizational development dilemmas in business administration and China's corporate management practice, and to gather cutting-edge ideas and innovative perspectives at home and abroad, so as to contribute to the development of Chinese society and the development of Chinese enterprises. The aim is to bring together cutting-edge ideas and innovative perspectives from home and abroad to explore Chinese solutions for China's social and economic development.
