Prague Economic Papers 2026, 35(3):372-415 | DOI: 10.18267/j.pep.916

Do supplier analysts react to customers' data asset information disclosure?

Rumeng Yang ORCID..., Delin Wu ORCID...
Rumeng Yang (Corresponding Author), School of Economics and Management, Harbin Institute of Technology, Shenzhen, China
Delin Wu, School of Economics and Management, Harbin Institute of Technology, Shenzhen, China

This study examines whether customers' data asset information disclosure improves suppliers' analysts forecast accuracy. Using data from Chinese firms between 2010 and 2024, this study uses text analysis to measure the degree of data asset information disclosure. The findings suggest that more customer data asset disclosure reduces analyst forecast errors for supplier firms, thereby improving analyst forecast accuracy for supplier firms. The results are robust to various endogeneity and robustness checks. The mechanism analysis shows that customer data asset disclosure improves forecast accuracy by enhancing information transparency and signaling customers' future performance. The effect is more pronounced in firms with more stable supply chain relationships, higher customer concentration, and when customers belong to high-tech industries. Overall, this study provides new empirical evidence that customers' data asset information has a significant spillover effect along the supply chain by offering analysts additional information to better understand supplier firms' performance and make more accurate forecasts.

Keywords: analyst forecasts; data asset information disclosure; supply chain; information spillover
JEL classification: G30

Received: September 8, 2025; Revised: March 15, 2026; Accepted: April 15, 2026; Prepublished online: September 8, 2026; Published: September 10, 2026  Show citation

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Yang, R., & Wu, D. (2026). Do supplier analysts react to customers' data asset information disclosure? Prague Economic Papers, 35(3), 372-415. doi: 10.18267/j.pep.916
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