The Informational Value of Segment Data Disaggregated by Underlying Industry: Evidence from the Textual Features of Business Descriptions
研究了分部披露按基础行业分解的程度对信息质量的影响，发现行业分解程度越高，分析师预测误差和分歧越小，分析师关注度和信息传递越多。
ABSTRACT I examine a fundamental determinant of disclosure quality: how underlying data are disaggregated. For this, I create a measure of industry disaggregation, which is the extent to which segment disclosures are disaggregated based on underlying industries. To identify underlying industries, I apply a deep learning algorithm that extracts textual features from Item 1 business descriptions, in which firms are required to accurately describe their products and services. Industry disaggregation captures the disclosure of underlying industries and the adherence to industry-based disaggregation criteria. Consistent with capital markets being informationally segmented by industry, I find that industry disaggregation is negatively associated with analyst forecast error and dispersion, and positively associated with analyst following and information transfers among analysts and investors. These findings indicate that financial information is more informative, and, thus, of higher quality, when disaggregated by standardized criteria that achieve comparability and match the information-processing strategies of capital market participants. Data Availability: Data are available from the sources identified in the paper. JEL Classifications: D89; G14; M41; M48.