题目:Externalities of the partially mandated disclosure regulation: Evidence from analyst behavior of unregulated peer firms
时间：2024年12月23日（周一）13:30-15:00
地点：浙江大学紫金港校区管理学院A423
主讲人：潘哲耀，麦考瑞大学应用金融系副教授
主持人：徐维东，浙江大学管理学院副教授
主讲人简介：
Dr. Zheyao Pan is an Associate Professor in the Department of Applied Finance at Macquarie University. He holds a PhD in Finance from the University of Queensland. Dr. Pan’s research primarily focuses on Corporate Finance (capital structure, corporate innovation), Financial Intermediation (credit rating agencies, analysts, financial advisors), and Financial Regulations. His work has been published in Review of Financial Studies, Research Policy, Journal of Corporate Finance, Financial Management, Journal of Financial Markets, and Journal of Banking and Finance, among others. Dr. Pan has won more than 10 competitive research awards, and he is the Deputy Editor of Accounting and Finance and serves on the editorial board of Australian Journal of Management. His research has also been featured in the Harvard Business Review and other media outlets.
摘要：
We investigate the impact of China's selective introduction of Industry Information Disclosure Guidelines (IIDGs) as an exogenous shock on analyst forecasts for unregulated peer firms. Using a staggered difference-in-differences approach, we find that IIDG implementation improves analyst forecast accuracy for unregulated firms within the same industry. This improvement is driven by three key channels: increased information accessibility (information acquisition channel), heightened analyst effort due to competition (analyst competition channel), and reduced strategic behavior by analysts (strategic-analyst channel). The effect is stronger in industries with initially low information quality and is associated with reduced forecast divergence, enhanced content in analyst reports, and improved report readability and informativeness. Overall, our findings highlight the role of analysts in amplifying the positive externalities of partial mandated disclosure regulation.
