Private firm information dissemination and analysts' public firm forecast accuracy

• 成果类型: Article
• 署名作者: Chircop, Justin; He, Shaohua; Liu, Jiancheng (Duncan); Zhang, Guochang
• 署名单位: Lancaster University; University of Macau; University of Hong Kong
• 刊物名称: REVIEW OF ACCOUNTING STUDIES
• ISSN/ISSBN: 1380-6653; 1573-7136
• DOI: 10.1007/s11142-026-09963-2
• 发表日期: 2026-09
• 页码: 1797-1836
• 关键词: Private firm transparency; Information dissemination; analyst forecast; Public firms; information spillover; F21; F30; G15; G30; M16; M40; M41; disclosure; transfers

摘要

We examine the effect of private firm information dissemination on analysts' forecast accuracy for public firms, utilizing the mandatory adoption of electronic business registers in EU countries as a (plausibly) exogenous shock. Our findings reveal a significant improvement in analysts' earnings forecast accuracy following the registers' implementation that enhanced private firms' information dissemination, indicating positive information spillovers to public firms. This effect strengthens (i) when private firm disclosures are timelier within the context of the focal public firm's fiscal year and (ii) when the focal public firm has private firm suppliers, customers, or competitors. However, increased transparency of private firms also reduces analysts' incentives to cover public firms, as investor attention shifts from public to private firms. This countervailing force negatively impacts analyst forecast accuracy, partially offsetting the positive effects from information spillovers.