Targeted Poverty Alleviation Disclosure and Analyst Forecast Accuracy : Evidence from a Quasi-Natural Experiment

Using the Targeted Poverty Alleviation (TPA) disclosure policy in China as a quasi-natural experiment, this paper analyzes the impact of firm TPA disclosure on analyst forecast accuracy using a staggered difference-in-differences model. The results show a significant increase in the accuracy of analysts’ forecasts after firm disclosure of TPA information, and this effect is more pronounced in firms with more greater information asymmetry and firms with less experienced analyst following. Our study provides theoretical and empirical evidence for regulators concerned with information environment of capital market