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Impact of equity pledges on analysts earnings forecasts

Author

Listed:
  • Gao, Xiaoguang
  • Luo, Juncheng
  • Zhao, Qiang

Abstract

This study conducts an in-depth analysis of the relationship between the equity pledge phenomenon and analysts’ earnings forecast behavior using China's A-share listed companies from 2017 to 2022 as the research sample. Findings indicate that the existence of equity pledges increases the error range, optimism, and disagreement among analysts when making earnings forecasts. However, for non-state-owned enterprises, companies with a relatively high proportion of institutional shareholders, and those with better transparency, the impact of equity pledges on analysts’ forecasting behavior shows a weakening trend.

Suggested Citation

  • Gao, Xiaoguang & Luo, Juncheng & Zhao, Qiang, 2025. "Impact of equity pledges on analysts earnings forecasts," Finance Research Letters, Elsevier, vol. 71(C).
    • Handle: RePEc:eee:finlet:v:71:y:2025:i:c:s1544612324014090
    DOI: 10.1016/j.frl.2024.106380
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