Does time-space compression affect analyst forecast performance?

被引：4

作者：

Chen, Kejing ^{[1
]}

Guo, Wenqi ^{[2
]}

Jiang, Lin ^{[1
]}

Xiong, Xiong ^{[3
]}

Yang, Mo ^{[4
]}

机构：

[1] Dongbei Univ Finance & Econ, Sch Accounting, Dalian, Peoples R China

[2] Univ Leeds, Leeds Univ Business Sch, Leeds, England

[3] Tianjin Univ, Coll Management & Econ, Tianjin, Peoples R China

[4] Dongbei Univ Finance & Econ, Sch Finance, Dalian, Peoples R China

来源：

RESEARCH IN INTERNATIONAL BUSINESS AND FINANCE | 2022年 / 62卷

基金：

中国国家自然科学基金;

关键词：

High-speed railway connections; Analyst forecast performance; Site visits; Information asymmetry; Stock recommendation; EARNINGS FORECASTS; CONFERENCE CALLS; PRICE DELAY; INFORMATION; DISCLOSURE; INVESTMENT; GEOGRAPHY; ACCURACY; IMPACT; CHINA;

D O I：

10.1016/j.ribaf.2022.101719

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Despite the increasing attention given to the time-space compression effect brought by improved transportation, the economic consequences, especially those on analyst forecast performance, have yet to be explored. Based on difference-in-difference model designs and a sample of China's stock markets, we find robust empirical evidence that high-speed railway connections have a significantly positive effect on analyst forecast performance from various perspectives. We further conduct counterfactual analyses to examine the underlying mechanism and analyse the influence of high-speed railway connections on analysts' stock recommendations. This study contributes to the influencing factors for sell-side analyst performance and the effect of geographic proximity on information efficiency.

引用

页数：21

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