Using a rich database of Chinese firms, we examine the proposition that firms with disproportionately more analysts herding, as measured by a larger herding index value, have higher future stock price crash risk. Our findings are consistent with the proposition and are robust to different...

We examine whether mandatory research and development (R&D) investments disclosure matters to analyst forecast accuracy. Using a difference-in-differences research design, we document a significant decrease in forecast errors for firms that previously chose not to disclose R&D investments but...