Zhang, Chenyu; Qian, Aimin; Shi, Xiangyan - In: China journal of accounting research : CJAR 13 (2020) 1, pp. 79-107
share pledge firms issue stock recommendations on these listed firms. We find that their recommendations are more optimistic … than those of non-affiliated analysts, and they are more likely to issue Buy and Add recommendations, suggesting that they … recommendations is significantly reduced before and after the years that the affiliation relationship between them and share pledge …