Essays in the Analysts’ Information Production Process in China

Langning Qu

doi:10.26116/tisem.65537094

Essays in the Analysts’ Information Production Process in China

Langning Qu

Center Ph. D. Students

Research output: Thesis › Doctoral Thesis

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Abstract

How do financial analysts acquire, process, and deliver information to the market? This dissertation addresses that question through three essays on analysts’ information production in China. Drawing on a unique institutional setting, it examines how individual characteristics and economic incentives shape information acquisition, forecast accuracy, and forecast timeliness.

The first essay focuses on information acquisition and studies how analyst characteristics are associated with site-visit behavior and forecast improvement. The second essay examines whether affiliated relationships with mutual funds are associated with higher forecast accuracy. The third essay investigates whether such affiliations also affect the timeliness of earnings forecasts.

Together, these essays provide new evidence on how analysts transform noisy information into research outputs, and how this process is shaped by incentives and fund-affiliated relationships in an emerging market.

Original language	English
Qualification	Doctor of Philosophy
Awarding Institution	Tilburg University
Supervisors/Advisors	Jacobsen, B., Promotor, External person de Roon, Frans, Promotor Jiang, F., Promotor, External person Jiang, X, Promotor, External person
Award date	3 Jul 2026
Place of Publication	Tilburg
Publisher	CentER
Print ISBNs	978 90 5668 8042
DOIs	https://doi.org/10.26116/tisem.65537094
Publication status	Published - 2026

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title = "Essays in the Analysts{\textquoteright} Information Production Process in China",

abstract = "How do financial analysts acquire, process, and deliver information to the market? This dissertation addresses that question through three essays on analysts{\textquoteright} information production in China. Drawing on a unique institutional setting, it examines how individual characteristics and economic incentives shape information acquisition, forecast accuracy, and forecast timeliness. The first essay focuses on information acquisition and studies how analyst characteristics are associated with site-visit behavior and forecast improvement. The second essay examines whether affiliated relationships with mutual funds are associated with higher forecast accuracy. The third essay investigates whether such affiliations also affect the timeliness of earnings forecasts. Together, these essays provide new evidence on how analysts transform noisy information into research outputs, and how this process is shaped by incentives and fund-affiliated relationships in an emerging market. ",

author = "Langning Qu",

note = "CentER Dissertation Series Volume: 802",

year = "2026",

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N2 - How do financial analysts acquire, process, and deliver information to the market? This dissertation addresses that question through three essays on analysts’ information production in China. Drawing on a unique institutional setting, it examines how individual characteristics and economic incentives shape information acquisition, forecast accuracy, and forecast timeliness. The first essay focuses on information acquisition and studies how analyst characteristics are associated with site-visit behavior and forecast improvement. The second essay examines whether affiliated relationships with mutual funds are associated with higher forecast accuracy. The third essay investigates whether such affiliations also affect the timeliness of earnings forecasts. Together, these essays provide new evidence on how analysts transform noisy information into research outputs, and how this process is shaped by incentives and fund-affiliated relationships in an emerging market.

AB - How do financial analysts acquire, process, and deliver information to the market? This dissertation addresses that question through three essays on analysts’ information production in China. Drawing on a unique institutional setting, it examines how individual characteristics and economic incentives shape information acquisition, forecast accuracy, and forecast timeliness. The first essay focuses on information acquisition and studies how analyst characteristics are associated with site-visit behavior and forecast improvement. The second essay examines whether affiliated relationships with mutual funds are associated with higher forecast accuracy. The third essay investigates whether such affiliations also affect the timeliness of earnings forecasts. Together, these essays provide new evidence on how analysts transform noisy information into research outputs, and how this process is shaped by incentives and fund-affiliated relationships in an emerging market.

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DO - 10.26116/tisem.65537094

M3 - Doctoral Thesis

SN - 978 90 5668 8042

VL - 802

T3 - CentER Dissertation Series

PB - CentER

CY - Tilburg

ER -

Essays in the Analysts’ Information Production Process in China

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