In order to study the impact of high-speed rail opening on investors'heterogeneous beliefs,the paper takes China's A-share listed companies from 2006 to 2019 as the research sample,uses high-speed rail opening as a natural experiment,and employs the difference-in-difference approach(DID)for empirical analysis.The result shows that the opening of high-speed rail significantly reduces the level of investors'heterogeneous beliefs of companies along the railway.The conclusion is still significant after replacing main variable and controlling for endogenous problems by utilizing instrumental variables approach.Mechanism analysis shows that the opening of high-speed railway reduces investors'heterogeneous beliefs through improving the quality of company information disclosure and the accuracy of analysts'predictions.The heterogeneity analysis finds that the opening of high-speed rail has a more significant impact on the level of heterogeneous beliefs for enterprises with smaller market capitalization and state-owned enterprises..
关键词
高铁开通/异质信念/分析师预测/信息披露质量
Key words
opening of high-speed railway/heterogeneous beliefs/analyst forecast/information disclosure quality
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