【报告主题】Analyst Report Vagueness
【主讲嘉宾】谭红平，麦吉尔大学会计和金融学教授
【报告时间】2026年5月21日 15:00
【报告地点】会计学院108室
【内容提要】
We find that linguistic vagueness in analyst reports primarily reflects analysts’ limited firm-specific understanding arising from information uncertainty. Vagueness is higher for firms with greater information uncertainty and for analysts who are less experienced, face heavier workload constraints, or provide non-local coverage. Report vagueness is negatively correlated with earnings forecast accuracy, and investors discount positive rather than negative forecast signals in more vague reports. Further analysis reveals that vagueness is associated with weaker immediate earnings responses, more pronounced post-earnings announcement drift, higher stock price synchronicity, and increased trading volume and volatility. These effects are more pronounced for high-uncertainty firms and for firm-specific topics such as finance and operations. Overall, our study supports the information insufficiency view on vagueness and highlights how linguistic cues shape information efficiency and transmission in capital markets.