The 141st Session Expert Forum of BNUBS Were Successfully Held

On the morning of March 18, 2025, BNUBS held the "BNUBS· Expert Forum" (141st session) at 9406 Jingshi Building. This lecture invited Professor Wang Qingwei from Cardiff University in the UK, with the theme of "Analyst Management Collusion in Company Research". More than 20 undergraduate and graduate students attended the lecture, which was hosted by Professor Wu Yanran from the Department of Finance.

At the beginning of the lecture, Teacher Wu introduced Professor Wang Qingwei's basic situation to the students and warmly welcomed his arrival. Wang Qingwei is currently the Chair Professor of Finance and Head of the Department of Accounting and Finance at Cardiff Business School in the UK. In the lecture, Professor Wang Qingwei started from the basic definition of conflicts of interest and elaborated on the conflicts of interest faced by financial institutions when providing both analyst research and investment banking services simultaneously. He pointed out that in this situation, analysts may give overly optimistic evaluations of the company in order to please customers or obtain future business opportunities. The situation where an individual or company's own interests conflict with their professional responsibilities, leading to a decrease in their credibility, is particularly evident in scenarios such as on-site visits to the company. Subsequently, Professor Wang Qingwei conducted an in-depth analysis of the collusion between analysts and management during the company's research process. He emphasized that analysts will collude with management by raising positive questions in order to achieve their collusion goals. Specifically, when a company announces its stock issuance plan, the likelihood of analysts colluding significantly increases in order to win in potential underwriting competition; In addition, when the client company encounters operational difficulties, relevant analysts may also participate in collusion to maintain the company's stock price. These collusive behaviors not only have a significant impact on market reactions, but also provide analysts with a clear information advantage.

At the end of the lecture, Professor Wang Qingwei further pointed out that analysts may hide within research teams composed of multiple institutions, providing assistance to management in a subtle way while avoiding damaging their own reputation. This viewpoint sparked strong interest among the teachers and students present, and everyone engaged in in-depth discussions with the professor on the issue of collusion between analysts and management. The academic atmosphere at the scene was lively. Professor Wang Qingwei patiently answered the students' questions and provided a comprehensive summary of the lecture content.

Finally, the students once again expressed their gratitude to Professor Wang Qingwei for his wonderful speech. With the warm applause of the teachers and students, the 141st session of the "BNUBS· Expert Forum" was successfully concluded.

Contributed by Academic Competition Department of the Research Association

Edited by Wang Zhuohan, Sun Yue

Reviewed by Wei Hao