Valuing financial data: The case of analyst forecasts

Zhenghui Li, Yanting Xu and Ziqing Du

Finance Research Letters, 2025, vol. 75, issue C

Abstract: Investors seek financial market information to maximize returns and minimize risk. This study examines the value of financial information employing quarterly analyst data from 144 A-share listed companies in China (2008–2023). It investigates how financial data enhance investor welfare, varies by wealth levels and market competition, and differs across assets. The findings reveal three key insights: (1) Analyst forecasts enhance investor welfare, especially for wealthier investors. (2) Data value decreases in markets with price impact. (3) Financial data are most valuable for medium-sized assets with high analyst attention and transparency.

Keywords: Valuing financial data; Analyst forecast; Investor welfare; Price impact (search for similar items in EconPapers)
JEL-codes: D80 G10 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:75:y:2025:i:c:s1544612325001126

DOI: 10.1016/j.frl.2025.106847

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