气候变化领域集成服务门户(CCPortal): Does environmental regulation affect analyst forecast bias? Evidence from China's Low-Carbon Pilot Policy

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DOI	10.1016/j.jenvman.2024.120134
	Does environmental regulation affect analyst forecast bias? Evidence from China's Low-Carbon Pilot Policy
	Sun, Yuying; Wu, Kai; Liu, Sihui; Hong, Yongmiao
发表日期	2024
ISSN	0301-4797
EISSN	1095-8630
起始页码	353
卷号	353
英文摘要	This study investigates the impact of China's Low -Carbon Pilot Policy on analyst forecast behaviors. Using a staggered difference -in -difference approach, we find that the program reduced analyst forecast errors and divergence, as mandatory sustainability disclosures enable analysts to incorporate new information to improve forecast quality. The effect is concentrated in state-owned firms and manufacturing -oriented cities. Additional tests explore accounting information quality and investor attention as plausible channels. Overall, exploiting a major Chinese environmental regulation, we provide novel evidence that green policies can enhance transparency and capital market efficiency. The findings offer implications for regulators, investors, and managers as countries pursue climate change mitigation strategies.
英文关键词	Low-Carbon Pilot Policy; Analyst forecast; Accounting information quality; Environmental regulation; Financial market
语种	英语
WOS研究方向	Environmental Sciences & Ecology
WOS类目	Environmental Sciences
WOS记录号	WOS:001173032200001
来源期刊	JOURNAL OF ENVIRONMENTAL MANAGEMENT
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/291405
作者单位	Chinese Academy of Sciences; Academy of Mathematics & System Sciences, CAS; Central University of Finance & Economics; Chinese Academy of Sciences; Chinese Academy of Sciences; University of Chinese Academy of Sciences, CAS; Chinese Academy of Sciences; University of Chinese Academy of Sciences, CAS; Central University of Finance & Economics
推荐引用方式 GB/T 7714	Sun, Yuying,Wu, Kai,Liu, Sihui,et al. Does environmental regulation affect analyst forecast bias? Evidence from China's Low-Carbon Pilot Policy[J],2024,353.
APA	Sun, Yuying,Wu, Kai,Liu, Sihui,&Hong, Yongmiao.(2024).Does environmental regulation affect analyst forecast bias? Evidence from China's Low-Carbon Pilot Policy.JOURNAL OF ENVIRONMENTAL MANAGEMENT,353.
MLA	Sun, Yuying,et al."Does environmental regulation affect analyst forecast bias? Evidence from China's Low-Carbon Pilot Policy".JOURNAL OF ENVIRONMENTAL MANAGEMENT 353(2024).