The literature shows that investor attention to customer–supplier disclosure increases when suppliers’information arrival is anticipated.Due to the widespread of city lockdowns in China and the implementation of soc...The literature shows that investor attention to customer–supplier disclosure increases when suppliers’information arrival is anticipated.Due to the widespread of city lockdowns in China and the implementation of social distancing to control the COVID-19 pandemic,investor attention to potential disruption of the supply chain spikes,leading to a price devaluation for firms with high supplier concentration risk.We find that a higher degree of supplier concentration is related to more serious stock price declines over the short-term and medium-term windows right after the Wuhan lockdown.This result lends support to the argument that the concentration risk of suppliers is a significant consideration for China stock market investors,especially under the potential financial distress at the firm level induced by the COVID-19 crisis.展开更多
This study examines the relationship between analyst forecast dispersion or accuracy and supplier concentration of listed firms in China from 2008 to 2019.Our findings suggest that higher supplier concentration is ass...This study examines the relationship between analyst forecast dispersion or accuracy and supplier concentration of listed firms in China from 2008 to 2019.Our findings suggest that higher supplier concentration is associated with lower analyst forecast dispersion,which can be attributed to the increased attention from analysts.Moreover,this effect is more pronounced when firms have less bargaining power and higher institutional ownership,indicating a greater reliance on the supply chain.Our study highlights the importance of disclosing supply chain information,which provides insights beyond those of traditional financial information.展开更多
基金supported by UIC college research grant and Guangdong Office of Philosophy and Social Sci-ence Foundation(GD19CGL01).
文摘The literature shows that investor attention to customer–supplier disclosure increases when suppliers’information arrival is anticipated.Due to the widespread of city lockdowns in China and the implementation of social distancing to control the COVID-19 pandemic,investor attention to potential disruption of the supply chain spikes,leading to a price devaluation for firms with high supplier concentration risk.We find that a higher degree of supplier concentration is related to more serious stock price declines over the short-term and medium-term windows right after the Wuhan lockdown.This result lends support to the argument that the concentration risk of suppliers is a significant consideration for China stock market investors,especially under the potential financial distress at the firm level induced by the COVID-19 crisis.
基金support from the National Natural Science Foundation of China(No.72103217).
文摘This study examines the relationship between analyst forecast dispersion or accuracy and supplier concentration of listed firms in China from 2008 to 2019.Our findings suggest that higher supplier concentration is associated with lower analyst forecast dispersion,which can be attributed to the increased attention from analysts.Moreover,this effect is more pronounced when firms have less bargaining power and higher institutional ownership,indicating a greater reliance on the supply chain.Our study highlights the importance of disclosing supply chain information,which provides insights beyond those of traditional financial information.
