【讲座时间】2026年5月21日 15:00
【讲座地点】会计学院108室
【讲座主题】Analyst Report Vagueness
【嘉宾介绍】谭红平，麦吉尔大学会计和金融学教授
麦吉尔大学(McGill University)会计和金融学教授，博士生导师。曾先后在加拿大约克大学商学院，加拿大滑铁 卢大学会计与金融学院，美国纽约州立大学布法罗校区，加拿大北 BC 省 大学(UNBC)商学院等学校任职。现任Contemporary Accounting Research 编委(2017-2027)，JIBS编(2022-2027), Asia-Pacific Journal of Financial Studies 和Financial Review副主编 (2017年至2025)。已在国际TOP期刊Journal of Accounting and Economics、Journal of Financial Economics、Journal of Accounting Research、The Accounting Review、Contemporary Accounting Research、Review of Accounting Studies 等期刊发表论文十余篇，是活跃在国际学术一线的著名财会学者。
【内容提要】
We find that linguistic vagueness in analyst reports primarily reflects analysts’ limited firm-specific understanding arising from information uncertainty. Vagueness is higher for firms with greater information uncertainty and for analysts who are less experienced, face heavier workload constraints, or provide non-local coverage. Report vagueness is negatively correlated with earnings forecast accuracy, and investors discount positive rather than negative forecast signals in more vague reports. Further analysis reveals that vagueness is associated with weaker immediate earnings responses, more pronounced post-earnings announcement drift, higher stock price synchronicity, and increased trading volume and volatility. These effects are more pronounced for high-uncertainty firms and for firm-specific topics such as finance and operations. Overall, our study supports the information insufficiency view on vagueness and highlights how linguistic cues shape information efficiency and transmission in capital markets.
TOP