Annual Conference

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Accounting, Senior Fellows/Fellows

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May 2021

Common Ownership and Analyst Forecasts

Qiang CHENG, Jingping ZHANG, Shuqing LUO
We examine the effect of the common ownership relation between brokerage houses and the firms covered by their analysts (referred to as co-owned brokerage houses, co-owned firms, and connected analysts, respectively) on analyst forecast performance. Common ownership can help the connected analysts t...
Keywords: common ownership, analyst forecasts, institutional environments
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Annual Conference

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Accounting, Senior Fellows/Fellows

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May 2021

Firm News and Market Views: The Informational Role of Official Newspapers in China

Joseph D. PIOTROSKI, Tianyu ZHANG, T.J. WONG, Shubo ZHANG
State control can turn the media into the government’s mouthpiece and weaken the media’s incentives to meet market demands for corporate news. However, the media’s dependence on the government can strengthen its ability to access information about the government’s industrial and macro polici...
Keywords: Media information, Firm-specific information, Industry and market-wide information, emerging markets
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Annual Conference

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Accounting

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May 2021

Information in Mandatory and Voluntary Earnings Announcement Date Forecasts

Paul MA, Greg CLINCH, Mary BARTH
We investigate whether mandatory earnings announcement date forecasts are informative to investors and the informational tradeoffs between mandatory and voluntary forecasts. We find: (i) The percentages of the quarter’s earnings news conveyed by mandatory China and voluntary US forecasts are simil...
Keywords: forecasts of earnings announcement dates, mandatory forecasting, private information precision, Voluntary Disclosure, informational tradeoffs
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Annual Conference

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Trade, Growth and Development

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May 2021

Growing through Competition: The Reduction of Entry Barriers among Chinese Manufacturing Firms

Lijun ZHU, Yu ZHENG, Helu JIANG
Using the World Bank's Starting a Business score as a measure of administrative and regulatory entry barriers, we show evidence from the firm-level data of the Chinese manufacturing sector that regions with lower entry barriers experience higher productivity growth and more competition. We interpret...
Keywords: firm entry, Endogenous Growth, Firm Dynamics, Entry Barriers
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Annual Conference

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Trade, Growth and Development, Senior Fellows/Fellows

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May 2021

Golden Ages: A Tale of Two Labor Markets

Hanming FANG, Xincheng QIU
We document stark differences in the labor market outcomes between the U.S. and China, the largest two economies in the world, during the past 30 years. (1) The peak age in cross-sectional age-earnings profiles stays constant at around 45- 50 years old in the U.S. but decreases sharply from 55 to 35...
Keywords: Age-Earnings Profiles, Human capital, Life Cycle
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