报告题目：Analyst Report Vagueness

报  告  人：加拿大McGill大学 谭红平 教授

主办单位：金融系

报告时间：2026年4月22日 10:30-12:30

报告地点：东北大学浑南校区文管学馆B545

报告摘要：

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, more heavily constrained by workload, or covering non-local firms. Report vagueness is negatively associated with earnings forecast accuracy, and investors discount positive rather than negative forecast signals in more vague reports, consistent with direction-dependent vagueness aversion in their interpretation of forecast signals. Further analyses indicate that vagueness is linked to weaker immediate market reactions to earnings news, more pronounced post-earnings announcement drift, higher stock price synchronicity, and elevated trading volume and volatility. These effects are stronger 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.

报告人简介：

谭红平，加拿大McGill 大学教授，博士生导师。主要研究领域包括大数据和机器学习、资本市场、企业融资等。在国际TOP期刊Journal of Accounting and Economics、Journal of Financial Economics、Journal of Accounting Research、The Accounting Review、Contemporary Accounting Research、Review of Accounting Studies 等发表论文。谭红平教授曾先后在加拿大约克大学商学院、加拿大滑铁卢大学会计与金融学院、美国纽约州立大学布法罗校区、加拿大北BC省大学(UNBC)商学院等学校任职，是活跃在国际学术一线的著名金融领域学者。

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