摘要
This paper examines how culture affects information asymmetry in financial markets. We extract firms traded in the United States but headquartered in regions sharing Chinese culture (“Chinese firms”), and we manually identify a group of U.S. analysts of Chinese ethnic origin (“Chinese analysts”). We find that Chinese analysts issue more accurate forecasts on Chinese firms than non-Chinese analysts. The effect is stronger among firms with less transparent information environments. Further evidence suggests that cultural proximity can go beyond language commonality and analysts’ pre-existing channels for information. Market reaction is stronger when Chinese analysts issue favorable forecast revisions or upgrades about Chinese firms.
源语言 | 英语 |
---|---|
页(从-至) | 2703-2726 |
期刊 | Journal of Financial and Quantitative Analysis |
卷 | 52 |
期 | 6 |
DOI | |
出版状态 | 已出版 - 2017 |
Corresponding author email
qianqian.du@polyu.edu.hkSource
Available at SSRN: https://ssrn.com/abstract=2225722 or http://dx.doi.org/10.2139/ssrn.2225722成果物的来源
- FT
- ABDC-A*
- Scopus
- SSCI
指纹
探究 'Cultural Proximity and the Processing of Financial Information' 的科研主题。它们共同构成独一无二的指纹。引用此
Du, Q., Yu, F., & Yu, X. (2017). Cultural Proximity and the Processing of Financial Information. Journal of Financial and Quantitative Analysis, 52(6), 2703-2726. https://doi.org/10.1017/S0022109017001028