---
_id: '65862'
abstract:
- lang: eng
  text: 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.
author:
- first_name: Bianca
  full_name: Beyer, Bianca
  last_name: Beyer
- first_name: Vanessa
  full_name: Flagmeier, Vanessa
  last_name: Flagmeier
- first_name: Urska
  full_name: Kosi, Urska
  last_name: Kosi
citation:
  ama: Beyer B, Flagmeier V, Kosi U. <i>Private Peers’ Disclosure Transparency and
    Public Firms’ Information Environment</i>.; 2026. doi:<a href="https://doi.org/10.2139/ssrn.4438123">10.2139/ssrn.4438123</a>
  apa: Beyer, B., Flagmeier, V., &#38; Kosi, U. (2026). <i>Private Peers’ Disclosure
    Transparency and Public Firms’ Information Environment</i>. <a href="https://doi.org/10.2139/ssrn.4438123">https://doi.org/10.2139/ssrn.4438123</a>
  bibtex: '@book{Beyer_Flagmeier_Kosi_2026, series={TRR 266 Accounting for Transparency
    Working Paper Series No. 143}, title={Private Peers’ Disclosure Transparency and
    Public Firms’ Information Environment}, DOI={<a href="https://doi.org/10.2139/ssrn.4438123">10.2139/ssrn.4438123</a>},
    author={Beyer, Bianca and Flagmeier, Vanessa and Kosi, Urska}, year={2026}, collection={TRR
    266 Accounting for Transparency Working Paper Series No. 143} }'
  chicago: Beyer, Bianca, Vanessa Flagmeier, and Urska Kosi. <i>Private Peers’ Disclosure
    Transparency and Public Firms’ Information Environment</i>. TRR 266 Accounting
    for Transparency Working Paper Series No. 143, 2026. <a href="https://doi.org/10.2139/ssrn.4438123">https://doi.org/10.2139/ssrn.4438123</a>.
  ieee: B. Beyer, V. Flagmeier, and U. Kosi, <i>Private Peers’ Disclosure Transparency
    and Public Firms’ Information Environment</i>. 2026.
  mla: Beyer, Bianca, et al. <i>Private Peers’ Disclosure Transparency and Public
    Firms’ Information Environment</i>. 2026, doi:<a href="https://doi.org/10.2139/ssrn.4438123">10.2139/ssrn.4438123</a>.
  short: B. Beyer, V. Flagmeier, U. Kosi, Private Peers’ Disclosure Transparency and
    Public Firms’ Information Environment, 2026.
date_created: 2026-06-15T08:15:56Z
date_updated: 2026-06-22T11:38:14Z
department:
- _id: '186'
- _id: '551'
- _id: '635'
doi: 10.2139/ssrn.4438123
language:
- iso: eng
publication_identifier:
  issn:
  - 1556-5068
publication_status: published
series_title: TRR 266 Accounting for Transparency Working Paper Series No. 143
status: public
title: Private Peers’ Disclosure Transparency and Public Firms’ Information Environment
type: working_paper
user_id: '54068'
year: '2026'
...