Access to management and the informativeness of analyst research

被引：228

作者：

Green, T. Clifton ^{[1
]}

Jame, Russell ^{[2
]}

Markov, Stanimir ^{[3
]}

Subasi, Musa ^{[4
]}

机构：

[1] Emory Univ, Goizueta Business Sch, Atlanta, GA 30322 USA

[2] Univ Kentucky, Gatton Coll Business & Econ, Lexington, KY 40506 USA

[3] So Methodist Univ, Cox Sch Business, Dallas, TX 75275 USA

[4] Univ Missouri, Trulaske Coll Business, Columbia, MO 65211 USA

来源：

JOURNAL OF FINANCIAL ECONOMICS | 2014年 / 114卷 / 02期

关键词：

Analyst research; Investor conference; Earnings forecast; Regulation FD; SELL-SIDE ANALYSTS; EARNINGS FORECASTS; SECURITY ANALYSTS; RECOMMENDATIONS; PERFORMANCE; SUPERIORITY; REVISIONS;

D O I：

10.1016/j.jfineco.2014.07.003

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We examine whether access to management at broker-hosted investor conferences leads to more informative research by analysts. We find analyst recommendation changes have larger immediate price impacts when the analyst's firm has a conference-hosting relation with the company. The effect increases with hosting frequency and is strongest in the days following the conference. Conference-hosting brokers also issue more informative, accurate, and timely earnings forecasts than non-hosts. Our findings suggest that access to management remains an important source of analysts' informational advantage in the post-Regulation Fair Disclosure world. (C) 2014 Elsevier B.V. All rights reserved.

引用

页码：239 / 255

页数：17

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