Does voluntary disclosure on an internet platform affect analyst forecast accuracy?

被引：2
|
作者：
Wang, Meng [1 ]
Zhao, Wanlong [1 ]
Tao, Yunqing [2 ]
机构：
[1] Tianjin Univ, Coll Management & Econ, 92 Weijin Rd, Tianjin 300072, Peoples R China
[2] Zhongnan Univ Econ & Law, Sch Finance, 182 Nanhu Ave, Wuhan, Hubei, Peoples R China
来源：
APPLIED ECONOMICS LETTERS | 2022年 / 29卷 / 17期
关键词：
Voluntary disclosure; internet platform; analyst forecasts; social media; NONFINANCIAL DISCLOSURE; COST;
D O I：
10.1080/13504851.2021.1946471
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We explore how voluntary disclosure on an Internet platform affects analyst behaviour. We find that the higher the level of voluntary disclosure on the 'hudongyi' platform of China's Shenzhen Stock Exchange, the greater the error in analyst forecasts. Voluntary disclosure on this platform provides analysts with heuristic clues, and heuristic cognitive biases increase analysts' forecasting errors. In addition, social media has a partial mediation effect between voluntary disclosure and analyst forecast errors.
引用
收藏
页码：1547 / 1555
页数：9
相关论文
共 50 条
  • [1] Voluntary Disclosure and Analyst Forecast
    Lang, Konrad
    [J]. EUROPEAN ACCOUNTING REVIEW, 2018, 27 (01) : 23 - 36
  • [2] The Effects of Disclosure and Analyst Regulations on the Relevance of Analyst Characteristics for Explaining Analyst Forecast Accuracy
    Keskek, Sami
    Myers, Linda A.
    Omer, Thomas C.
    Shelley, Marjorie K.
    [J]. JOURNAL OF BUSINESS FINANCE & ACCOUNTING, 2017, 44 (5-6) : 780 - 811
  • [3] ESG Controversies, ESG Disclosure and Analyst Forecast Accuracy
    Schiemann, Frank
    Tietmeyer, Raphael
    [J]. INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 2022, 84
  • [4] Does the "Greenwashing" and "Brownwashing" of Corporate Environmental Information Affect the Analyst Forecast Accuracy?
    Wei, Jing
    [J]. SUSTAINABILITY, 2023, 15 (14)
  • [5] The Effect of Conditional Management Earnings Forecast Mandates on Voluntary Disclosure and Analyst Forecast Properties
    Zhu, Nathan Zhenghang
    Wang, Kun Tracy
    Wilson, Mark
    [J]. ABACUS-A JOURNAL OF ACCOUNTING FINANCE AND BUSINESS STUDIES, 2022, 58 (03): : 479 - 522
  • [6] Does religiosity improve analyst forecast accuracy?
    Wei, Zuobao
    Zhu, Yicheng
    [J]. REVIEW OF QUANTITATIVE FINANCE AND ACCOUNTING, 2023, 60 (03) : 915 - 948
  • [7] Does religiosity improve analyst forecast accuracy?
    Zuobao Wei
    Yicheng Zhu
    [J]. Review of Quantitative Finance and Accounting, 2023, 60 : 915 - 948
  • [8] Pre-grant Patent Disclosure and Analyst Forecast Accuracy
    Beyhaghi, Mehdi
    Khashabi, Pooyan
    Mohammadi, Ali
    [J]. MANAGEMENT SCIENCE, 2023, 69 (05) : 3140 - 3155
  • [9] Risk information disclosure and its impact on analyst forecast accuracy
    Miguel Tirado-Beltran, Jose
    David Cabedo-Semper, J.
    [J]. ESTUDIOS GERENCIALES, 2020, 36 (156) : 314 - 324
  • [10] Nonfinancial Disclosure and Analyst Forecast Accuracy: International Evidence on Corporate Social Responsibility Disclosure
    Dhaliwal, Dan S.
    Radhakrishnan, Suresh
    Tsang, Albert
    Yang, Yong George
    [J]. ACCOUNTING REVIEW, 2012, 87 (03): : 723 - 759
12345