Do Larger Reporting Networks Yield Benefits from Information Network Effects?
研究美国公司因国际财务报告准则（IFRS）强制采用而扩大报告网络规模，发现对国内同行较少的公司，分析师信息环境改善更大，且分析师报告更频繁提及采用IFRS的欧盟同行。
ABSTRACT This study explores whether an increase in the size of firms’ reporting networks (the number of industry peer firms reporting in comparable standards) improves the quality of analysts’ information environments. We exploit the effect of the 2005 mandatory adoption of IFRS around the world on U.S. firms, as IFRS adoption did not directly affect U.S. firms but increased the size of their reporting networks. We document that mandatory IFRS adoption is associated with a significantly larger improvement in the quality of analysts’ information environment for U.S. firms with relatively few domestic industry peers than for other U.S. firms. Further, we show that there is a larger increase in the frequency with which analysts’ research reports for U.S. firms with few domestic peers mention IFRS-adopting EU industry peer firms. Our results provide evidence that mandatory reporting regulations that increase reporting comparability can result in positive information externalities from information network effects. JEL Classifications: K22; M41; M48.