In a commentary, SMU Assistant Professor of Finance Frank Li and Chan Fook Leng, Executive Director for Advocacy at the CFA Society Singapore, opined how “benefits” offered to analysts amount to bribes and affect their independence and objectivity when they make their forecasts. They cited a recently published research paper on security analysts and capital market anomalies by SMU postgraduate student Li Guo and Asst Prof Frank Li, together with John Wei from Hong Kong Polytechnic University, which suggested several possible reasons for analysts’ widespread bias.