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

页码：1547 / 1555

页数：9

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