Access to management and the informativeness of analyst research

被引：241

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

共 30 条

[1]

Bemile G., 2012, UNPUBLISHED WORKING

[2] A re-examination of analysts' superiority over time-series forecasts of annual earnings [J].

Bradshaw, Mark T. ;

Drake, Michael S. ;

Myers, James N. ;

Myers, Linda A. .

REVIEW OF ACCOUNTING STUDIES, 2012, 17 (04) :944-968

[3] SUPERIORITY OF ANALYST FORECASTS AS MEASURES OF EXPECTATIONS - EVIDENCE FROM EARNINGS [J].

BROWN, LD ;

ROZEFF, MS .

JOURNAL OF FINANCE, 1978, 33 (01) :1-16

[4]

Bushee B., 2012, UNPUBLISHED WORKING

[5] Conference Presentations and the Disclosure Milieu [J].

Bushee, Brian J. ;

Jung, Michael J. ;

Miller, Gregory S. .

JOURNAL OF ACCOUNTING RESEARCH, 2011, 49 (05) :1163-1192

[6] Favorable versus unfavorable recommendations: The impact on analyst access to management-provided information [J].

Chen, Shuping ;

Matsumoto, Dawn A. .

JOURNAL OF ACCOUNTING RESEARCH, 2006, 44 (04) :657-689

[7] Analyst forecast accuracy: Do ability, resources, and portfolio complexity matter? [J].

Clement, MB .

JOURNAL OF ACCOUNTING & ECONOMICS, 1999, 27 (03) :285-303

[8] Sell-Side School Ties [J].

Cohen, Lauren ;

Frazzini, Andrea ;

Malloy, Christopher .

JOURNAL OF FINANCE, 2010, 65 (04) :1409-1437

[9] Following the leader: a study of individual analysts' earnings forecasts [J].

Cooper, RA ;

Day, TE ;

Lewis, CM .

JOURNAL OF FINANCIAL ECONOMICS, 2001, 61 (03) :383-416

[10] Measuring Mutual Fund Performance with Characteristic Based Benchmarks [J].

Daniel, Kent ;

Grinblatt, Mark ;

Titman, Sheridan ;

Wermers, Russ .

JOURNAL OF FINANCE, 1997, 52 (03) :1217-+

← 1 2 3 →