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Does time-space compression affect analyst forecast performance?
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AI
DOI：10.1016/j.ribaf.2022.101719.png)
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Despite the increasing attention given to the time-space compression effect brought by improved transportation, the economic consequences, especially those on analyst forecast performance, have yet to be explored. Based on difference-in-difference model designs and a sample of China's stock markets, we find robust empirical evidence that high-speed railway connections have a significantly positive effect on analyst forecast performance from various perspectives. We further conduct counterfactual analyses to examine the underlying mechanism and analyse the influence of high-speed railway connections on analysts' stock recommendations. This study contributes to the influencing factors for sell-side analyst performance and the effect of geographic proximity on information efficiency.
Keyword:
High-speed railway connections
Analyst forecast performance
Site visits
Information asymmetry
Stock recommendation
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