{"title":"股票市场自由化对管理层预测精确度的影响--来自中国内地与香港股票联通计划的证据","authors":"Renhui Fu , Fang Gao , Yi Zhao","doi":"10.1016/j.jaccpubpol.2024.107243","DOIUrl":null,"url":null,"abstract":"<div><p>This study examines the effects of stock market liberalization, specifically through the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect initiatives (jointly referred to as MHKSCPs), on the precision of management forecasts and the underlying mechanisms. We find that post MHKSCPs, management forecasts become less precise for bad news and more precise for good news, leading to an overall decrease in precision. The channels include litigation risk and media/analyst attention. The results are particularly pronounced in firms without foreign investors, within industries with higher proprietary costs, or in smaller firms. Moreover, there is a decrease in the information content of management forecasts, management forecast optimism, and financial report readability post MHKSCPs.</p></div>","PeriodicalId":48070,"journal":{"name":"Journal of Accounting and Public Policy","volume":null,"pages":null},"PeriodicalIF":3.3000,"publicationDate":"2024-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The impact of stock market liberalization on management forecast precision–Evidence from Mainland-Hong Kong Stock Connect Programs in China\",\"authors\":\"Renhui Fu , Fang Gao , Yi Zhao\",\"doi\":\"10.1016/j.jaccpubpol.2024.107243\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>This study examines the effects of stock market liberalization, specifically through the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect initiatives (jointly referred to as MHKSCPs), on the precision of management forecasts and the underlying mechanisms. We find that post MHKSCPs, management forecasts become less precise for bad news and more precise for good news, leading to an overall decrease in precision. The channels include litigation risk and media/analyst attention. The results are particularly pronounced in firms without foreign investors, within industries with higher proprietary costs, or in smaller firms. Moreover, there is a decrease in the information content of management forecasts, management forecast optimism, and financial report readability post MHKSCPs.</p></div>\",\"PeriodicalId\":48070,\"journal\":{\"name\":\"Journal of Accounting and Public Policy\",\"volume\":null,\"pages\":null},\"PeriodicalIF\":3.3000,\"publicationDate\":\"2024-09-11\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Accounting and Public Policy\",\"FirstCategoryId\":\"91\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0278425424000668\",\"RegionNum\":3,\"RegionCategory\":\"管理学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Accounting and Public Policy","FirstCategoryId":"91","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0278425424000668","RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
The impact of stock market liberalization on management forecast precision–Evidence from Mainland-Hong Kong Stock Connect Programs in China
This study examines the effects of stock market liberalization, specifically through the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect initiatives (jointly referred to as MHKSCPs), on the precision of management forecasts and the underlying mechanisms. We find that post MHKSCPs, management forecasts become less precise for bad news and more precise for good news, leading to an overall decrease in precision. The channels include litigation risk and media/analyst attention. The results are particularly pronounced in firms without foreign investors, within industries with higher proprietary costs, or in smaller firms. Moreover, there is a decrease in the information content of management forecasts, management forecast optimism, and financial report readability post MHKSCPs.
期刊介绍：
The Journal of Accounting and Public Policy publishes research papers focusing on the intersection between accounting and public policy. Preference is given to papers illuminating through theoretical or empirical analysis, the effects of accounting on public policy and vice-versa. Subjects treated in this journal include the interface of accounting with economics, political science, sociology, or law. The Journal includes a section entitled Accounting Letters. This section publishes short research articles that should not exceed approximately 3,000 words. The objective of this section is to facilitate the rapid dissemination of important accounting research. Accordingly, articles submitted to this section will be reviewed within fours weeks of receipt, revisions will be limited to one, and publication will occur within four months of acceptance.
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