RIEBセミナー
RIEBセミナー（TJAR Workshop 主催）
RIEBセミナー
TJAR Workshop 主催
| 日時 | 2022年3月25日（金）15:00 ～ 16:30 |
|---|---|
| 会場 | Zoom利用によるオンラインでの開催 |
| 対象 | 教員、院生、学部生および同等の知識をお持ちの方 |
| 使用言語 | 日本語 |
| 参加登録 | ※事前登録制です。下記より参加登録をお願い致します。追って、招待URLをご連絡いたします。 参加登録 (締切：3/23) |
15:00 ～ 16:30
- 論題
- Informational Role of Interactive Discussion with Corporate Insiders
- 報告者
- 三輪 宏太郎（九州大学経済学研究院）
- 概要
- 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.