Industry-classified Information Disclosure and Analysts'Forecasts Evidence from the Release of Industry Information Disclosure Guidelines
This article uses the industry information disclosure guidelines issued by the Shanghai and Shenzhen Stock Exchanges as a quasi-natural experiment to test the impact of industry-classified informa-tion disclosure on analysts'forecasts.The research results show that the implementation of the industry-classified information disclosure policy has significantly improved the accuracy of analysts'earnings fore-casts,and reduced the degree of optimism and divergence.And this conclusion still holds after a series of robustness tests.The test results of the mechanism indicate that the improvement of information comparabili-ty is the main channel,through which industry-classified information disclosure affects analysts'forecasts.Heterogeneity analysis shows that when the industry information is more sensitive,analysts have less profes-sional expertise,and the cost of acquiring and processing for information is higher,the positive impact of industry-classified information disclosure on analyst forecasts is more significant.Further analysis shows that the industry-classified information disclosure significantly increases the public information available to analysts.
industry-classified information disclosureanalysts'forecastsinformation environmentquasi-natural experiment
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