科学研究
报告题目：Private Firm Information Dissemination and Analysts’ Public Firm Forecast Accuracy
报告人：张国昌
报告时间：2024年10月16日（周三）10:00-11:30
报告地点：劝学楼245
主办单位：东北财经大学会计学院 辽宁省资本市场财务与会计研究生创新与学术交流中心
【报告摘要】
Using the mandated adoption of electronic business registers (EBR) in the European Union as a plausibly exogenous shock, we study the impact of private firm information dissemination on analysts’ public firm forecast accuracy. We find an improvement in analysts’ public firm forecast accuracy post EBR, with the effect being more pronounced in industries where private firms collectively disclose more information, suggesting positive information spillovers. At the same time, however, analysts display diminished incentives to cover public firms post EBR, which is attributable to the crowding out of public firms in financial markets as private firms become more informationally transparent, thus negatively affecting analyst forecast accuracy. This analyst incentive effect significantly attenuates the positive information effect for public firms most susceptible to being crowded out.
【报告人简介】
张国昌，香港大学会计学教授，锺瀚德基金教授（会计学）。主要研究方向为基于会计信息的公司估值、信息披露、盈余管理，与准则设计等，独作及合作在TAR、JAE、JAR、CAR、RAS、MS等会计学与管理学国际顶级期刊发表论文20余篇，并发表专著“Accounting Information and equity valuation: theory, evidence and applications”。曾担任欧洲会计研究European Accounting Review刊物副编、香港会计师公会的财务报告准则委员会委员和上市公司独董。
【特别提醒】
未经论文作者和主办方允许，严禁将讲座内容录制并公开传播，违者将有可能被追究法律责任。
