We examine the improvements to forecast accuracy that result from analysts' visits to listed companies. We find that company visits significantly enhance the accuracy of the analysts' earnings forecasts for those companies. The benefit from company visits is more pronounced for companies that...

There is a debate on whether company visits, an important channel of analysts’ information acquisition, should be regulated similar to management disclosure under Regulation Fair Disclosure. Exploiting a Shenzhen Stock Exchange regulation, this study examines the impact of forcing the timely...

This study examines whether foreign investors affect the information production of analysts. Based on China’s stock market, we find that foreign investors significantly reduce analysts' coverage. Such negative association is more pronounced in firms with a high level of governance and...

We investigate the causal impacts of air pollution on analyst forecast accuracy around earnings announcements. Using the air quality index in analyst workplaces, we provide direct evidence of the following. First, air pollution significantly reduces analysts' earnings forecast accuracy in...

Government ownership of financial intermediaries is pervasive around the world. In this study, we examine the impact of the common government ownership between the brokerage and listed firms on the information production role of brokerage firms. We show that affiliated analysts issue more...

By introducing the implementation of the Key Audit Matters (KAM) Disclosure Standards for China’s companies cross-listed in Hong Kong in 2017, we present evidence that KAM disclosure reduces analysts’ company visits, which is an important channel of information acquisition. The decreasing...