Corporate jets and private meetings with investors

• 成果类型: Article
• 署名作者: Bushee, Brian J.; Gerakos, Joseph; Lee, Lian Fen
• 署名单位: University of Pennsylvania; Dartmouth College; Boston College
• 刊物名称: JOURNAL OF ACCOUNTING & ECONOMICS
• ISSN/ISSBN: 0165-4101
• DOI: 10.1016/j.jacceco.2018.01.005
• 发表日期: 2018
• 关键词: EARNINGS ANNOUNCEMENTS; information-content; disclosure; CONSEQUENCES; management; analysts; returns; access

摘要

We use corporate jet flight patterns to identify private meetings with investors that are ex ante unobservable to non-participants. Using approximately 400,000 flights, we proxy for private meetings with roadshows, defined as three-day windows that include flights to money centers and to non-money centers in which the firm has high institutional ownership. Roadshows exhibit greater abnormal stock reactions, analyst forecast activity, and absolute changes in local institutional ownership than other flight activity. We also find positive trading gains in firms with more complex information and infrequent private meetings, suggesting that roadshows provide participating investors an advantage over non-participating investors.