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Chair der Sitzung: Sven Hörner, Universität Bayreuth
Ort:C 14.203 Seminarraum
40
Zusammenfassung der Sitzung
Talks in English
Präsentationen
Does private peers’ disclosure affect public firms’ information environment?
Bianca Beyer1, Vanessa Flagmeier2, Urska Kosi3
1Aalto University School of Business; 2University of Passau; 3Paderborn University
This study examines how private firms’ disclosure creates information externalities for public firms’ information environment. Exploiting a setting with varying importance of private firms and availability of their information, we document lower analyst forecast accuracy when private peer importance in the respective industry is higher. Further, holding the importance constant and varying the availability of private peers’ information reveals that these effects are driven by opaque private peers. A cross-sectional test indicates that these externalities primarily manifest when the availability of information about public firms is relatively poor. Finally, a difference-in-differences analysis shows increased forecast activity around private peers’ disclosure dates, indicating causality. Overall, our findings support a cost-argument explaining the negative relation between analysts’ information acquisition and processing costs and the availability of private firms’ disclosure, contributing to the regulatory debate about disclosure requirements for private firms.
The Role of Financial Information in Supply Chains: Evidence from Electronic Business Registers in Europe
Vincent Giese1, Antonio Marra2, Ron Shalev3, Roberto Vincenzi2
1University of Mannheim, Germany; 2Bocconi University, Italy; 3University of Toronto, Canada
We explore the importance of financial information of counterparty firms in supply chain
relations. Exploiting the implementation of electronic business registers in European countries that
significantly increased the accessibility of private fims’ financial information, we find that more
accessible financial information is relevant to supply chain relationships in an asymmetric way: it
tends to have a larger impact when the financial information is customer-related than when it is
supplier-related. We also find that the timing in which the financial information becomes available is
important to its effect on the stability of supply chain relations. Information that is available before
the supply chain relations have started contributes to the stability of the relations in line with a better selection of supply chain partners, while information that becomes available after relations have started tends to destabilize the existing relations. Overall, our results highlight the differential
importance of financial information to suppliers and customers and the importance of timing of
