Abstract
We predict that investors who speak weak future-time reference (FTR) languages are more concerned about the future prospects of the companies they invest in and, hence, demand more forward-looking information from these companies. We find that firms in weak-FTR language countries exhibit a greater propensity and frequency of issuing management forecasts. Within the same countries, firms with more foreign institutional ownership from weak-FTR countries issue more management forecasts than their counterparts. After having their shares traded in the stock market of a weak-FTR country, foreign firms from strong-FTR countries significantly increase their management forecast propensity and frequency.
Original language | English |
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Publication status | Presented - 30 Oct 2020 |
Event | Invited academic seminar - The Chinese University of Hong Kong, Shenzhen, Shenzhen, China Duration: 30 Oct 2019 → … https://ge.cuhk.edu.cn/en/event/12313 |
Seminar
Seminar | Invited academic seminar |
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Country/Territory | China |
City | Shenzhen |
Period | 30/10/19 → … |
Internet address |