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dc.contributor.advisorRiedl, Edwarden_US
dc.contributor.advisorBrochet, Francoisen_US
dc.contributor.authorFei, Xingyuanen_US
dc.date.accessioned2019-09-24T17:24:22Z
dc.date.available2019-09-24T17:24:22Z
dc.date.issued2019
dc.identifier.urihttps://hdl.handle.net/2144/37990
dc.description.abstractThis study explores how the redaction of proprietary information from public filings is related to analyst following and properties of analysts’ earnings forecasts. The paper uses hand-collected data on firms’ confidential treatment orders from the SEC EDGAR database to identify firms that withhold information (redacting firms), which are benchmarked to a matched set of firms that do not (non-redacting firms). Relative to non-redacting firms, the paper predicts and documents that redacting firms have (i) higher analyst following; (ii) more dispersed and less accurate analysts’ earnings forecasts; and (iii) lower precision of both public and private information contained in analysts’ earnings forecasts. Additional analyses reveal that analysts covering redacting firms trade off accuracy for timeliness when issuing earnings forecasts, that the market reaction to analyst reports is higher for redacting firms, and that for redacting firms investors place higher weight on information from analysts relative to that from the firm itself. Overall, the findings suggest that firms engaging in redacted disclosure exhibit greater investor demand for analyst outputs, a deterioration in the analysts’ information environment, but also greater investor reliance on analyst outputs.en_US
dc.language.isoen_US
dc.subjectAccountingen_US
dc.titleNondisclosure and analyst behavior: evidence from redaction of proprietary information from public filingsen_US
dc.typeThesis/Dissertationen_US
dc.date.updated2019-08-30T19:04:27Z
etd.degree.nameDoctor of Philosophyen_US
etd.degree.leveldoctoralen_US
etd.degree.disciplineManagementen_US
etd.degree.grantorBoston Universityen_US


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