Investor Relations and the Analysts Forecasts: Empirical Evidence from China
The paper examines the relationship between investor relations management, the number of analysts following each firm and properties of the analysts earnings forecasts by using data from the China Investor Relations Index of Nanjing University (CIRINJU2005-2006). We find that firms with high level of investor relations could significantly attract the concerns of analysts, while the coefficient on disclosure quality is insignificant. By controlling of the endogenous, the result remains almost the same with the a little lower significance of other variables except disclosure quality. We also find that the investor relations as limited positive impact on analyst performance, such as forecast accuracy and consistency. Insignificant negative relations between communication quality and analyst accuracy, disclosure and individual analyst accuracy and significant positive relations between disclosure and analyst consensus are opposite with reported study result, which need further discussion.
Security Analyst Investor Relations Disclosure Forecast Accuracy Forecast Consistency
LIU Yeqi XIAO Binqing LI Xindan
School of Management and Engineering, Nanjing University, P.R China, 210093
国际会议
The 5th International Sympsium for Corporate Governance(第五届公司治理国际研讨会)
天津
英文
572-586
2009-09-01（万方平台首次上网日期，不代表论文的发表时间）