Studies of the economic consequences of accounting information comparability mainly focus on the level of the individual firm. There is little direct empirical evidence that investors use comparability for cross-firm investment. This paper empirically examines the impact of accounting information comparability on cross-firm information transfer from the perspective of investor information demand. We find that increases in comparability can facilitate the transfer of earnings information across firms, regardless of whether the investor uses the information to expect unknown or verify existing information. However, when the reliability of accounting information changes, the role of comparability is different. We also find that property rights and the information environment affect comparability’s influence. Finally, the use of comparable information by investors will reduce the market response to the firm’s earnings information. In summary, comparability plays an important role in investors’ acquisition and use of external information to assess a firm’s value. Our study provides a more comprehensive understanding of the economic consequences of accounting information comparability and has important implications for corporate information disclosure and government regulation.