Regulatory Punishment and Analyst'Forecast,Institutional Investor Governance——Spillover Effect:Based on Directors Network
Based on the data of CSRC's announcement on violations of listed companies from 2010 to 2019,we are concerned about the spillover effect of information disclosure violations penalty on the reputation of interlocked director companies and the accuracy of analyst'forecast,and the governance effect of institutional investors hold shares on analyst'forecast.We find that the announcement of information disclosure violations penalty of violating companies significantly impacts the reputation of interlocked director companies,and the accuracy of analyst'forecast for surplus of their interlocked director companies is also significantly reduced.However,different types of institutional investors hold shares have different governance effects on the accuracy of analyst'forecast.This paper not only expands the research on the spillover effect of regulatory punishment,but also enriches the research on the governance of institutional investors hold shares on the accuracy of analyst'forecast,revealing the potential financial risks in China's capital market.This enlightens us to strengthen financial supervision and promote the opening of the capital market.
information disclosure violations penaltyanalyst'forecastinstitutional investorspillover effectdirectors network
万方数据
