生产(经济)
文件夹
磁道(磁盘驱动器)
业务
休克(循环)
质量(理念)
比例(比率)
信息质量
信息系统
计算机科学
产业组织
财务
经济
微观经济学
工程类
哲学
内科学
物理
电气工程
操作系统
认识论
医学
量子力学
作者
Deqiu Chen,Yujing Ma,Xiumin Martin,Roni Michaely
标识
DOI:10.1016/j.jfineco.2021.06.025
摘要
Using the introduction of high-speed rail (HSR) as an exogenous shock to costs of information acquisition, we show reductions in information-acquisition costs lead to (i) a significant increase in information production, evidenced by a higher frequency of analysts visiting portfolio firms and (ii) improvement in output quality, manifested in higher forecast accuracy and better recommendations. The effect is more pronounced for firms with information that is difficult to produce. Importantly, more information production is also associated with improved price efficiency. We corroborate these findings using a large-scale survey of financial analysts. Finally, both the empirical and survey results highlight the importance of soft information in analysts’ unique-information production.
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