内容提要：
This paper examines whether and how foreign joint venture brokerages in China are impacted by two entry barriers: (1) ownership restriction barrier that discourages foreign partners from sharing superior technical capabilities with domestic partners, and (2)institutional barrier that prevents the joint ventures from incorporating politically sensitive information in their forecasts. By comparing the foreign and domestic analyst reports for the same firm in the same year, we find that foreign brokerages incorporate significantly more technical capabilities into their reports and the technical capabilities contribute significantly more to their forecast accuracy than those of domestic brokerages. Our evidence also shows that there is more political content in domestic brokerages’ reports and their political content contributes more significantly to their forecast accuracy. This suggests that despite foreign partners’ willingness to contribute technical capabilities to the joint ventures, they continue to face the institutional barrier that impairs their forecasting performance.
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