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2021年3月9日学术报告通知

发布时间:2021-03-06


【报告主题】The Dark Side of Fair Disclosure in a Relational Economy: Evidence from China

【主讲嘉宾】Northwestern University Assistant Professor Aaron S. Yoon

【报告时间】2021年3月9日 10:00

【参与方式】ZOOM


【内容提要】

Firms in emerging markets often channel information to capital providers in their private network where trust-based dissemination enables the recipients to better verify and interpret information. In this paper, we use a regulation change that required Shenzhen firms for a more timely and transparent disclosure of analyst site visits and examine its impact on private information dissemination and analyst information production. We find that firms offer substantially fewer site visits after the regulation, and the frequency of single analyst site visits also decreases significantly. In addition, overall analyst forecast accuracy declines and site visits have a smaller impact on improvement of forecast accuracy. Lastly, connected analysts experience a more salient decline in improvement of forecast accuracy after site visits. However, their overall forecast accuracy improves substantially vis-à-vis unconnected analysts. In sum, the results highlight a potential unintended consequence of the regulation. Specifically, managers seem less willing to disseminate information through site visits and analysts’ overall information environment suffers, yet connected analysts still find ways to preserve their information advantage.