Transboundary, information disclosure and analyst forecast

被引：0
|
作者：
Liao M. [1 ]
Ling D. [1 ]
Deng L. [2 ]
机构：
[1] School of Business Administration, South China University of Technology, Guangzhou
[2] School of Economics and Management, Beihang University, Beijing
来源：
Xitong Gongcheng Lilun yu Shijian/System Engineering Theory and Practice | 2019年 / 39卷 / 02期
基金：
中国国家自然科学基金;
关键词：
Earning forecast; Information disclosure; Market consequence; Transboundary;
D O I：
10.12011/1000-6788-2018-1300-16
中图分类号：
学科分类号：
摘要：
Based on manually collected data on cross-border operation of the company from year 2003 to 2017, this paper examines the impact of the company's transboundary level on the analyst's earnings forecast behavior as well as the market consequence. The empirical results show that the higher the company's transboundary level, the lower the accuracy of the analyst's earnings forecast, and the higher the frequency of release as well as the forecast correction extent. At the same time, the improvement of the company's information disclosure quality will help ease the negative impact of the company's transboundary on analysts' forecasting behavior. The above results support the information processing cost hypothesis and information uncertainty hypothesis. Finally, the paper finds that the higher the company's transboundary level, the more negative the impact on the analyst's forecasted behavior and the higher the company's market discount. © 2019, Editorial Board of Journal of Systems Engineering Society of China. All right reserved.
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收藏
页码：330 / 345
页数：15
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