如果其盈利预测倾向于比实际值低，我们认为这些分析师是悲观的。在北美 市场上，我们发现盈利预测的悲观程度和未来的股票推荐回报是正相关的。然而，旨在 消除分析师利害冲突的监管措施出台后，这种关系不复存在。我们还发现，盈利预测和 推荐回报率的关系仅限于卖出信号的股票推荐，仅限于有投行业务的证券公司的分析师 的股票推荐，并且为机构投资者所减弱。我们也发现，盈利预测的悲观程度和分析师的 预测准确度没有关系，但对股票推荐回报率有持续性的影响。我们认为，分析师面临的 与投行业务相关的利害冲突是我们发现的背后原因，相关的监管措施也似乎是有效的。

题目：Earnings Downside Risk

题目：Do social ties between external auditors and audit committee members affect audit quality?

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题目：Semi-Mandatory Dividend Regulations and the Cost of Debt: Evidence from China

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