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Question Dodging, Information Environment, and Analyst Forecasts

Fri, Jan 12, 2024

演讲人:郑晓佳(对外经济贸易大学 副教授)







摘要: We investigate the outcomes of ambiguous online interaction between firms and investors. Using question-answer text data from two online investor interactive platforms (IIPs) in China, we show that firms that give less relevant answers to investors’ questions tend to have larger analyst forecast bias and higher analyst optimism. Though the targeted users of the interactive platforms are individual investors, the interaction quality influences analysts’ forecasts. Meanwhile, the effect of question dodging is stronger when questions are related with earnings and disclosure, when firms have higher earnings uncertainty and lower media coverage, but weaker when analysts visit the firm or rely less on public information. Further analysis shows that irrelevant answers increase the market demand for analyst forecasts, deteriorate firms’ information environment, and lead to larger forecast dispersion, lower stock liquidity, and weaker earnings responses of the market. Moreover, we find that other market participants related with analysts are also aware of firms’ question dodging by reducing holdings and site visits. Our findings provide evidence that question dodging in firm-investor interaction exacerbates information asymmetry and unintendedly influences analysts’ forecast behaviors.

个人简介:郑晓佳,现任对外经济贸易大学国际经济贸易学院金融系副教授、博士生导师,2019年毕业于中国人民大学获管理学博士学位,2013年毕业于厦门大学获经济学学士学位。研究领域为公司治理、公司金融、家族企业,近期主要研究兴趣包括企业创新、并购、金融市场、数据资产与网络安全。在Journal of Corporate Finance、Journal of Banking & Finance、Journal of Business Research、European Accounting Review、British Accounting Review、Corporate Governance: An International Review、《管理世界》、《中国工业经济》、《金融研究》等期刊发表多篇论文,研究成果获第二十二届“安子介国际贸易研究奖”,主持一项国家自然科学基金项目。



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