Analysis of the Impact of Executive News of Listed Companies on Analyst Earnings Forecasting Behavior—From the Perspective of Analyst Earnings Forecast Accuracy and Divergence
The development of the Internet has changed the mode of information use in the mar-ket,and also changed the information environment and external constraints of the analysts.Taking the data of Chinese listed companies from 2011 to 2022 as a sample,the paper examines the impact of executive news on analysts'earnings forecasts.The study found that the listed company executive news has a significant positive impact on analysts'attention,but it has a significant reverse impact on the accuracy and divergence of analyst earnings forecasting;the Internet search index has weakened the impact of executive news on analyst earnings forecasting behavior.In further analysis,it is found that the influence of executive news on analysts'earnings forecasting behavior is realized by affecting the quality of corporate information disclosure.To this end,relevant policies should be formulated to standardize the development of the news industry,improve the analyst system and promote the devel-opment of the analyst industry,improve the information disclosure system and build a three-dimen-sional and comprehensive supervision and punishment system.
executive newsnetwork search indexanalyst earnings forecast biasquality of in-formation disclosure
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