We investigate the causal impacts of air pollution on analyst forecast accuracy around earnings announcements. Using the air quality index in analyst workplaces, we provide direct evidence of the following. First, air pollution significantly reduces analysts' earnings forecast accuracy in...

We explore how institutional and individual investors respond to analyst recommendations. Using a unique account-level trading dataset from the China, we find that 1) institutions are significantly net buyers (net sellers) on “strong buy” and “buy” (“hold” and “sell”)...

By introducing the implementation of the Key Audit Matters (KAM) Disclosure Standards for China’s companies cross-listed in Hong Kong in 2017, we present evidence that KAM disclosure reduces analysts’ company visits, which is an important channel of information acquisition. The decreasing...

There is a debate on whether company visits, an important channel of analysts’ information acquisition, should be regulated similar to management disclosure under Regulation Fair Disclosure. Exploiting a Shenzhen Stock Exchange regulation, this study examines the impact of forcing the timely...