金融分析师的信息发现:电话会议中经理与分析师互动研究

IF 1.2 Q3 BUSINESS, FINANCE
Chuong Do
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引用次数: 0

摘要

本文分析了分析师在电话会议中提出的问题,以推断分析师是如何获取信息的。利用两种互补技术,我对分析师提问的具体性进行了多种衡量。我预测并发现,如果分析师在电话会议中掌握的信息较少,他们会提出更具体的问题。在大多数分析师提出具体问题的电话会议后,公司的信息环境会得到改善。其他分析表明,管理者会对具体问题做出防御性反应,并试图通过将这些问题放在电话会议的后面来淡化这些问题。此外,投资者对大多数问题都是具体问题的电话会议反应消极。总之,本研究为分析师在电话会议过程中的角色提供了见解,并为分析经理与分析师之间的互动提供了一种方法。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Financial analysts' information discovery: A study of manager-analyst interactions in conference calls

This paper analyzes analysts' questions in conference calls to make inferences about how analysts acquire information. Using two complementary techniques, I develop several measures of the specificity of analysts' questions. I predict and find that analysts ask more specific questions if they enter the call with poor information. The firm's information environment improves after a call in which most analysts ask specific questions. Additional analyses show that managers respond defensively to specific questions and attempt to deemphasize these questions by putting them later in the calls. Furthermore, investors react negatively to calls in which most questions are specific. Overall, this study provides insights into the roles of conference calls in analysts' processes and offers a method to analyze interactions between managers and analysts.

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来源期刊
Advances in Accounting
Advances in Accounting BUSINESS, FINANCE-
CiteScore
2.50
自引率
6.20%
发文量
29
期刊介绍: Advances in Accounting, incorporating Advances in International Accounting continues to provide an important international forum for discourse among and between academic and practicing accountants on the issues of significance. Emphasis continues to be placed on original commentary, critical analysis and creative research.
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