RIEBセミナー（TJAR Workshop 主催）
TJAR Workshop 主催
|日時||2022年3月25日（金）15:00 ～ 16:30|
15:00 ～ 16:30
- Informational Role of Interactive Discussion with Corporate Insiders
- 三輪 宏太郎（九州大学経済学研究院）
- 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.