RIEB Seminar
Hosted by TJAR Workshop
Date & Time |
Friday, March 25, 2022, 3:00pm - 4:30pm |
Place |
Online Seminar by Zoom |
Intended Audience |
Faculty, Graduate Students, Undergraduates, and People with Equivalent Knowledge |
Langage |
Japanese |
Remarks |
Please complete the registration before March 23, 2022. Meeting URL will be informed later.
Registration Form for March 25 (Due: March 23) |
2:00pm~3:30pm
- Topic
- Informational Role of Interactive Discussion with Corporate Insiders
- Speaker
- Kotaro MIWA (Graduate School of Economics, Kyushu University)
Abstract
I empirically clarify the informational role of interactive discussions with corporate insiders by analyzing how participants’ expectations are affected by the comments of each participant during analyst/investor days. To this end, I examine the influence of the linguistic tone of management (corporate insiders) presentation, comments from peers, and management responses on analysts’ earnings forecasts. I find that the tone of management presentation as well as responses to participants’ comments have no impact on analysts’ expectations of the company performance. In contrast, analysts’ earnings forecasts significantly react to comments from their peers (especially star analysts). Furthermore, analysts whose earnings forecasts positively (negatively) diverged from the consensus are influenced by negative (positive) opinions of their peers. The results suggest that the interactive meeting plays a role in acquiring information and opinions from other participants (especially, from informed participants) rather than from corporate insiders. Further, abnormal returns around AI days are irrelevant to the tones of the Q&A session, suggesting that AI days mainly provide a partially-known supplemental explanation to decrease information uncertainty rather than incremental information.