Does voluntary disclosure on an internet platform affect analyst forecast accuracy?

Meng Wang, Wanlong Zhao and Yunqing Tao

Applied Economics Letters, 2022, vol. 29, issue 17, 1547-1555

Abstract: We explore how voluntary disclosure on an Internet platform affects analyst behaviour. We find that the higher the level of voluntary disclosure on the ‘hudongyi’ platform of China’s Shenzhen Stock Exchange, the greater the error in analyst forecasts. Voluntary disclosure on this platform provides analysts with heuristic clues, and heuristic cognitive biases increase analysts’ forecasting errors. In addition, social media has a partial mediation effect between voluntary disclosure and analyst forecast errors.

Date: 2022
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DOI: 10.1080/13504851.2021.1946471

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