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  • 2021
  • Working Paper
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Public Disclosure of Private Meetings: Does Observing Peers' Information Acquisition Affect Analysts' Attention Allocation?

By: Yi Ru, Ronghuo Zheng and Yuan Zou
  • Format:Print
  • | Language:English
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Abstract

We investigate the impact of observing peers’ information acquisition on financial analysts’ attention allocation. Using the timely disclosure mandate by the Shenzhen Stock Exchange as a setting, we find that, when analysts can observe that a firm is visited by other analysts, they allocate less attention to it. This finding is consistent with the conjecture that the timely disclosure reveals the relative information advantage of visiting analysts, leading nonvisiting analysts to reallocate their attention. Further evidence suggests that the timely disclosure has positive externalities in the form of increased attention and improved informational efficiency for nonvisited peer firms, especially those with low analyst following.

Keywords

Attention Allocation; Informational Efficiency; Corporate Site Visits; Externalities; Information; Acquisition; Corporate Disclosure; Outcome or Result

Citation

Ru, Yi, Ronghuo Zheng, and Yuan Zou. "Public Disclosure of Private Meetings: Does Observing Peers' Information Acquisition Affect Analysts' Attention Allocation?" Harvard Business School Working Paper, No. 22-064, July 2021.
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About The Author

Yuan Zou

Accounting and Management
→More Publications

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More from the Authors
  • Communicating Corporate Culture in Labor Markets: Evidence from Job Postings By: Joseph Pacelli, Tianshuo Shi and Yuan Zou
  • Passing the Mic: Career and Firm Outcomes of Executive Interactions By: Wei Cai, Ethan Rouen and Yuan Zou
  • Complementarity between Audited Financial Reporting and Voluntary Disclosure: The Case of Former Andersen Clients By: Richard Frankel, Alon Kalay, Gil Sadka and Yuan Zou
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