We investigate the adjustments of analysts'earnings forecast after the release of customer earnings announcements based on the perspective of supply chain information spillover.Specifically,we construct a multi-dimensional sample of Analyst-Supplier-Customer-Customer Earnings Announcements and exam the influence of customer earning news on the adjustments of analysts'earnings forecast.The result shows that the better customers'earnings announcement news,the greater the upward adjustment of the earnings forecast by analysts;Considering the difference in the impact of customer earnings growth drivers,we find that sales growth-driven customers'earnings good news prompts supplier analysts to revise earnings forecasts upward,while cost control-driven customers'earnings good news does not have a similar revision effect.In further analysis,we find that the effects of analyst earnings forecast revisions on customer earnings announcements are more salient in samples with higher customer concentration,stronger customer stability,lower customer earnings volatility and poorer transparency of supplier information.In addition,we find that the more customers'actual earnings deviate from expectations,the more timely analysts'earnings forecasts will be revised,and the quality of their revised earnings forecasts will be significantly improved.The above results indicate customer earnings news has a spillover effect on supply chain information,which can convey incremental information of suppliers'future earnings and contribute to improving the quality of analysts'earnings forecasts.
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