What does this research mean for the field?

Enhanced dissemination of private firm information significantly improves analysts' earnings forecast accuracy for public firms through positive information spillovers, although this benefit is partially offset by reduced analyst coverage as investor attention shifts toward private firms. Novelty: ClaimNovelty.INCREMENTAL. Consensus alignment: ConsensusAlignment.NEUTRAL.

What question did this study set out to answer?

The study aims to understand how private firm information dissemination influences analysts' forecast accuracy for public firms.

July 1, 2026Review of Accounting StudiesOpen Access

Private firm information dissemination and analysts’ public firm forecast accuracy

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Authors

JCJustin ChircopLancaster University SHShaohua HeLancaster University JLJiancheng Duncan Liu

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Implication

Randomized trial examines forecast accuracy improvements in public firms following enhanced private firm information sharing.

Key Points

The study aims to understand how private firm information dissemination influences analysts' forecast accuracy for public firms.
Utilizes mandatory adoption of electronic business registers in EU countries as an exogenous shock.
Assesses forecast accuracy improvements in analysts post-implementation of information registers.
Considers the timing of private firm disclosures and their relationship with public firm suppliers, customers, and competitors.
Analysts’ earnings forecast accuracy significantly improved after register implementation.
The positive effect is stronger with timely disclosures and connections to private firms.
Increased transparency of private firms reduced analysts’ coverage of public firms, negatively affecting forecast accuracy.

Cite This Study

Chircop et al. (2026) studied this question.

synapsesocial.com/papers/6a44aeba5cd2549c8bc43d1b https://doi.org/10.1007/s11142-026-09963-2

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Private firm information dissemination and analysts’ public firm forecast accuracy

Discussion

Member takes

Implication

Key Points

Cite This Study

Private firm information dissemination and analysts’ public firm forecast accuracy

Discussion

Member takes

Implication

Key Points

Cite This Study

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