Information content of holding investor conferences: the case of Taiwan’s semiconductor supply chain

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2023-03-04 DOI:10.1080/16081625.2021.1993074

Yi-Hui Tai, Chih-Yang Tseng

引用次数: 0

Abstract

ABSTRACT Investor conference has been adapted from conference call but allows substantial managerial controllability over its timing and disclosures during the meeting. The announcement of holding such a meeting is posited to have information content. We examine investors’ positive prospect utilizing the announcements during growth period of Taiwanese semiconductor supply chain (TSSC). TSSC’s disintegration into upstream, midstream, and downstream firms further allows tests for information transfer vertically among three subgroups. We find supportive evidence that all three subgroups show significantly positive cumulative abnormal returns surrounding the upstream firm’s announcement of an upcoming investor conference. Notably, the spillover effect is stronger for industry peers with shorter vertical distance to the announcing firm.

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召开投资者会议的资讯内容:以台湾半导体供应链为例

投资者会议改编自电话会议，但在会议期间允许对其时间和披露的实质性管理可控性。召开这样的会议的公告被假定为具有信息内容。我们利用台湾半导体供应链(TSSC)成长期的公告来检验投资者的积极前景。TSSC分为上游、中游和下游公司，进一步允许测试三个子组之间的垂直信息传递。我们发现支持性证据表明，在上游公司宣布即将召开的投资者会议时，所有三个子组都显示出显著的正累积异常回报。值得注意的是，对于与公告公司垂直距离较短的行业同行，溢出效应更强。

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

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.