可比性
质量(理念)
会计
业务
价值(数学)
资本市场
数据质量
色散(光学)
产业组织
计量经济学
营销
经济
财务
计算机科学
哲学
物理
光学
机器学习
公制(单位)
组合数学
认识论
数学
出处
期刊:The Accounting Review
[American Accounting Association]
日期:2021-02-18
卷期号:96 (6): 361-396
被引量:4
标识
DOI:10.2308/tar-2017-0572
摘要
ABSTRACT I examine a fundamental determinant of disclosure quality: how underlying data are disaggregated. For this, I create a measure of industry disaggregation, which is the extent to which segment disclosures are disaggregated based on underlying industries. To identify underlying industries, I apply a deep learning algorithm that extracts textual features from Item 1 business descriptions, in which firms are required to accurately describe their products and services. Industry disaggregation captures the disclosure of underlying industries and the adherence to industry-based disaggregation criteria. Consistent with capital markets being informationally segmented by industry, I find that industry disaggregation is negatively associated with analyst forecast error and dispersion, and positively associated with analyst following and information transfers among analysts and investors. These findings indicate that financial information is more informative, and, thus, of higher quality, when disaggregated by standardized criteria that achieve comparability and match the information-processing strategies of capital market participants. Data Availability: Data are available from the sources identified in the paper. JEL Classifications: D89; G14; M41; M48.
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