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Article: Seeing Is Believing: Analysts' Corporate Site Visits
Title | Seeing Is Believing: Analysts' Corporate Site Visits |
---|---|
Authors | |
Keywords | Analyst forecasts Information acquisition activities Local advantage Site visits |
Issue Date | 2016 |
Publisher | Springer 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, v. 21, p. 1245-1286 How to Cite? |
Abstract | This 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 Identifier | http://hdl.handle.net/10722/229654 |
ISSN | 2023 Impact Factor: 4.8 2023 SCImago Journal Rankings: 5.481 |
SSRN | |
ISI Accession Number ID |
DC Field | Value | Language |
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dc.contributor.author | Cheng, Q | - |
dc.contributor.author | Wang, X | - |
dc.contributor.author | Wang, Y | - |
dc.date.accessioned | 2016-08-23T14:12:27Z | - |
dc.date.available | 2016-08-23T14:12:27Z | - |
dc.date.issued | 2016 | - |
dc.identifier.citation | Review of Accounting Studies, 2016, v. 21, p. 1245-1286 | - |
dc.identifier.issn | 1380-6653 | - |
dc.identifier.uri | http://hdl.handle.net/10722/229654 | - |
dc.description.abstract | This 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.language | eng | - |
dc.publisher | Springer New York LLC. The Journal's web site is located at http://springerlink.metapress.com/openurl.asp?genre=journal&issn=1380-6653 | - |
dc.relation.ispartof | Review of Accounting Studies | - |
dc.rights | The final publication is available at Springer via http://dx.doi.org/10.1007/s11142-016-9368-9 | - |
dc.subject | Analyst forecasts | - |
dc.subject | Information acquisition activities | - |
dc.subject | Local advantage | - |
dc.subject | Site visits | - |
dc.title | Seeing Is Believing: Analysts' Corporate Site Visits | - |
dc.type | Article | - |
dc.identifier.email | Wang, X: wangxacy@hku.hk | - |
dc.identifier.authority | Wang, X=rp01555 | - |
dc.description.nature | postprint | - |
dc.identifier.doi | 10.1007/s11142-016-9368-9 | - |
dc.identifier.scopus | eid_2-s2.0-84978062601 | - |
dc.identifier.hkuros | 259925 | - |
dc.identifier.volume | 21 | - |
dc.identifier.spage | 1245 | - |
dc.identifier.epage | 1286 | - |
dc.identifier.isi | WOS:000388703400007 | - |
dc.publisher.place | United States | - |
dc.identifier.ssrn | 2395093 | - |
dc.identifier.issnl | 1380-6653 | - |