---
res:
  bibo_abstract:
  - This study examines how private peers’ disclosure transparency affects public
    firms’ information environment, captured through analyst forecast behavior. Focusing
    on the most important private firms operating in U.S. industries, we investigate
    whether private peer disclosure—despite differing substantially from public firm
    disclosure—is incorporated into analysts’ forecasts. In a cross-sectional analysis,
    we document lower forecast quality in industries where private peers’ disclosure
    intensity is low. In contrast, when private peers’ disclosure intensity is high,
    forecast quality does not differ from that in industries with only public peers.
    We find consistent results for a subsample of U.S. private peers. Consistent with
    this interpretation, a difference-in-differences analysis documents increased
    analyst forecast activity around the disclosure dates of private peers. Together,
    these findings indicate that analysts incorporate private peers’ information when
    these peers are both economically important and sufficiently transparent, and
    highlight that variation in private firms’ disclosure intensity generates heterogenous
    externalities for public firms. Overall, our evidence supports a cost-benefit
    trade-off in analysts’ information acquisition, and, by documenting the relevance
    of private peers’ information for public firms, contributes to the debate on the
    externalities of private firms’ disclosure transparency.@eng
  bibo_authorlist:
  - foaf_Person:
      foaf_givenName: Bianca
      foaf_name: Beyer, Bianca
      foaf_surname: Beyer
  - foaf_Person:
      foaf_givenName: Vanessa
      foaf_name: Flagmeier, Vanessa
      foaf_surname: Flagmeier
  - foaf_Person:
      foaf_givenName: Urska
      foaf_name: Kosi, Urska
      foaf_surname: Kosi
  bibo_doi: 10.2139/ssrn.4438123
  dct_date: 2026^xs_gYear
  dct_isPartOf:
  - http://id.crossref.org/issn/1556-5068
  dct_language: eng
  dct_title: Private Peers’ Disclosure Transparency and Public Firms’ Information
    Environment@
...