Connecting Cross‐Border Market Participants: The Intermediary Role of International Analysts in Global Capital Markets
Bibliographic record
Abstract
Abstract Although the analyst profession has rapidly expanded internationally, very few studies have examined the distinct role of international analysts in the global economy. Motivated to address this need, we examine the role of international analysts as key intermediaries connecting local firms with foreign investors. Specifically, we investigate whether and under what circumstances the international analyst community in a host country influences foreign equity investment in the country. Our analyses of foreign portfolio investment inflows in 57 countries from 1987 to 2007 demonstrate that the international analyst community plays an essential role in facilitating cross‐border equity investment by mitigating foreign investors' information challenges. We also find that the extent of such influence is further affected by the heterogeneity of the host country's information environment and by that of the international analyst community. These findings extend the extant knowledge of analysts, information intermediaries, cross‐border capital investment, and global professions.
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.003 | 0.015 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.002 | 0.001 |
| Science and technology studies | 0.002 | 0.002 |
| Scholarly communication | 0.005 | 0.004 |
| Open science | 0.000 | 0.004 |
| Research integrity | 0.001 | 0.001 |
| Insufficient payload (model declined to judge) | 0.007 | 0.000 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".