Analyst/Investor Days and Firms’ Information Environments

IF 2.2 4区管理学 Q2 BUSINESS, FINANCE

Accounting Horizons Pub Date : 2024-03-01 DOI:10.2308/horizons-2023-106

Min Park

引用次数: 0

Abstract

This paper investigates the impact of analyst/investor days on hosting firms’ information environments. The event allows for human interaction and information exchange among participants. Using hand-collected data, I document the impact of analyst/investor days on the hosting firms’ information environments in two different periods: an immediate effect around the time of the event and a persisting effect around future earnings announcements. First, I show that the inaccuracy of analysts’ forecasts for various forecast horizons significantly decreases around the event. Second, I find evidence that analyst/investor days decrease information asymmetry and improve analyst forecast quality around future earnings announcements. This result suggests that the information effects persist into the future and help investors and analysts better interpret future earnings releases. Overall, this study documents the forward-looking and multidimensional nature of information disclosed at analyst/investor days in the context of sequential disclosures. JEL Classifications: M41; G14; G24; G32.

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分析师/投资者日与公司的信息环境

本文研究分析师/投资者日对主办公司信息环境的影响。该活动允许参与者之间进行人际互动和信息交流。利用手工收集的数据，我记录了分析师/投资者日在两个不同时期对主办公司信息环境的影响：活动前后的即时影响和未来收益公告前后的持续影响。首先，我发现在活动前后，分析师在不同预测期限内的预测不准确度都会显著下降。其次，我发现有证据表明，分析师/投资者日降低了信息不对称程度，提高了分析师在未来盈利公布前后的预测质量。这一结果表明，信息效应会持续到未来，帮助投资者和分析师更好地解读未来的盈利发布。总之，在连续披露的背景下，本研究记录了分析师/投资者日披露信息的前瞻性和多维性。JEL Classifications：M41；G14；G24；G32。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Accounting Horizons BUSINESS, FINANCE-

CiteScore

3.80

自引率

4.00%

发文量

期刊介绍： Accounting Horizons is one of three association-wide journals published by the American Accounting Association AAA. This journal seeks to bridge academic and professional audiences with articles that focus on accounting, broadly defined, and that provide insights pertinent to the accounting profession. The contents of Accounting Horizons, therefore, should interest researchers, educators, practitioners, regulators, and students of accounting.