Access to management and the informativeness of analyst research

• 成果类型: Article
• 署名作者: Green, T. Clifton; Jame, Russell; Markov, Stanimir; Subasi, Musa
• 署名单位: Emory University; University of Kentucky; Southern Methodist University; University of Missouri System; University of Missouri Columbia
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2014.07.003
• 发表日期: 2014
• 页码: 239-255
• 关键词: Analyst research; Investor conference; Earnings forecast; REGULATION FD

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.