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Article: Seeing Is Believing: Analysts' Corporate Site Visits

TitleSeeing Is Believing: Analysts' Corporate Site Visits
Authors
Issue Date2016
PublisherSpringer New York LLC. The Journal's web site is located at http://springerlink.metapress.com/openurl.asp?genre=journal&issn=1380-6653
Citation
Review of Accounting Studies, 2016 How to Cite?
AbstractThis study examines the impact of corporate site visits on analysts’ forecast accuracy based on a sample of such visits to Chinese listed firms during 2009–2012. We find that analysts who conduct visits (“visiting analysts”) have a greater increase in forecast accuracy than other analysts. Consistent with the notion that site visits facilitate analysts’ information acquisition through observing firms’ operations, we find that the results are stronger for manufacturing firms, firms with more tangible assets, and firms with more concentrated business lines. Moreover, we find that the effect of a site visit is greater when the site visit is an analyst-only visit, when the current visit is preceded by fewer visits, and when visiting analysts are based far from the visited firms. Furthermore, we find that site visits partially mitigate nonlocal analysts’ information disadvantage. Collectively, these results indicate that site visits are an important information acquisition activity for analysts.
Persistent Identifierhttp://hdl.handle.net/10722/229654
ISSN
2015 Impact Factor: 1.513
2015 SCImago Journal Rankings: 2.039
SSRN

 

DC FieldValueLanguage
dc.contributor.authorCheng, Q-
dc.contributor.authorWang, X-
dc.contributor.authorWang, Y-
dc.date.accessioned2016-08-23T14:12:27Z-
dc.date.available2016-08-23T14:12:27Z-
dc.date.issued2016-
dc.identifier.citationReview of Accounting Studies, 2016-
dc.identifier.issn1380-6653-
dc.identifier.urihttp://hdl.handle.net/10722/229654-
dc.description.abstractThis study examines the impact of corporate site visits on analysts’ forecast accuracy based on a sample of such visits to Chinese listed firms during 2009–2012. We find that analysts who conduct visits (“visiting analysts”) have a greater increase in forecast accuracy than other analysts. Consistent with the notion that site visits facilitate analysts’ information acquisition through observing firms’ operations, we find that the results are stronger for manufacturing firms, firms with more tangible assets, and firms with more concentrated business lines. Moreover, we find that the effect of a site visit is greater when the site visit is an analyst-only visit, when the current visit is preceded by fewer visits, and when visiting analysts are based far from the visited firms. Furthermore, we find that site visits partially mitigate nonlocal analysts’ information disadvantage. Collectively, these results indicate that site visits are an important information acquisition activity for analysts.-
dc.languageeng-
dc.publisherSpringer New York LLC. The Journal's web site is located at http://springerlink.metapress.com/openurl.asp?genre=journal&issn=1380-6653-
dc.relation.ispartofReview of Accounting Studies-
dc.rightsThe final publication is available at Springer via http://dx.doi.org/10.1007/s11142-016-9368-9-
dc.rightsCreative Commons: Attribution 3.0 Hong Kong License-
dc.titleSeeing Is Believing: Analysts' Corporate Site Visits-
dc.typeArticle-
dc.identifier.emailWang, X: wangxacy@hku.hk-
dc.identifier.authorityWang, X=rp01555-
dc.description.naturepostprint-
dc.identifier.doi10.1007/s11142-016-9368-9-
dc.identifier.hkuros259925-
dc.publisher.placeUnited States-
dc.identifier.ssrn2395093-

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