City Research Online

Sell-Side Analysts as Social Intermediaries

Li, G., Spence, C. & Chen, Z. (2024). Sell-Side Analysts as Social Intermediaries. Contemporary Accounting Research, doi: 10.1111/1911-3846.12968


Recent research on sell-side analysts emphasizes the centrality of social ties and social interactions to what they do. However, we know little about how analysts create or maintain relationships over both the short and long terms. We remedy that in this qualitative study by illustrating the micro level processes that analysts engage in as part of developing a network of relations around them. Starting from the premise that economic actions are embedded in social relations and drawing on interviews with analysts, fund managers and investor relations officers in China, we show how analysts forge both weak and strong social ties to create an infrastructure of social networks that is foundational to information intermediation. This perspective broadens our understanding of sellside analysts as social, rather than solely information, intermediaries and highlights how information asymmetries often have a social basis.

Publication Type: Article
Additional Information: This is the accepted version of the following article: Li, G., Spence, C. & Chen, Z. (2024). Sell-Side Analysts as Social Intermediaries. Contemporary Accounting Research, doi: 10.1111/1911-3846.12968, which has been published is to be published in final form at This article may be used for non-commercial purposes in accordance with the Wiley Self-Archiving Policy [
Publisher Keywords: Sell-side analysts; social ties; social interactions; embeddedness; social infrastructure
Subjects: H Social Sciences > HB Economic Theory
H Social Sciences > HG Finance
H Social Sciences > HM Sociology
H Social Sciences > HN Social history and conditions. Social problems. Social reform
Departments: Bayes Business School
Bayes Business School > Finance
SWORD Depositor:
[thumbnail of Final Manuscript with title page.pdf] Text - Accepted Version
This document is not freely accessible due to copyright restrictions.

To request a copy, please use the button below.

Request a copy


Add to AnyAdd to TwitterAdd to FacebookAdd to LinkedinAdd to PinterestAdd to Email


Downloads per month over past year

View more statistics

Actions (login required)

Admin Login Admin Login