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If you’re an equity investor, who would you trust most? An analyst at Goldman Sachs or an analyst at Haitong Securities? It may not sound like a relevant comparison, but if you’re a Chinese equity analyst wondering whether to join the growing ranks of international investment banks in Hong Kong and mainland China, then your bargaining power has just got stronger. That’s because local Chinese analysts are more accurate than their foreign peers when it comes to earnings forecasts, an academic study has found. The study of stock recommendations of China A Shares, found that local analysts are 9-10% more optimistic in their target prices than their foreign peers, and 17-25% more optimistic in their stock recommendations. “These biases are highly significant in a statistical sense,” says the report’s authors Wen Jiu, Joshua Livnat, Sean Lu and Ziyue Zeng at the Hong Kong Polytechnic University. ....