IDEAS home Printed from https://ideas.repec.org/a/eee/glofin/v56y2023ics1044028323000078.html
   My bibliography  Save this article

Informational role of analyst and investor days

Author

Listed:
  • Miwa, Kotaro

Abstract

This study empirically clarifies whether analyst and investor days (AI days) affect earnings expectations of participants. The analyses reveal that the tone of the question-and-answer (Q&A) session, rather than that of the management presentation, is positively associated with subsequent revisions of analysts' earnings forecasts. This suggests that such an interactive discussion during a Q&A session plays a key role in affecting analysts' expectations. Furthermore, abnormal returns around the AI days are irrelevant to the tone of the Q&A session. This suggests that AI days mainly provide a partially known (supplemental) information rather than offering new information to analysts and investors.

Suggested Citation

  • Miwa, Kotaro, 2023. "Informational role of analyst and investor days," Global Finance Journal, Elsevier, vol. 56(C).
    • Handle: RePEc:eee:glofin:v:56:y:2023:i:c:s1044028323000078
    DOI: 10.1016/j.gfj.2023.100812
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S1044028323000078
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.gfj.2023.100812?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Miwa, Kotaro, 2023. "How quickly do investors react to analyst reports? Evidence from reports released outside trading hours," Global Finance Journal, Elsevier, vol. 57(C).
    2. Haghighi, Afshin & Zhang, Lei & Oliver, Barry & Faff, Robert, 2023. "Information acquisition and market liquidity: Evidence from EDGAR search activity," Global Finance Journal, Elsevier, vol. 57(C).

    More about this item

    Keywords

    Voluntary disclosure; Analyst and investor day; Linguistic tone; Analyst forecast;
    All these keywords.

    JEL classification:

    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:glofin:v:56:y:2023:i:c:s1044028323000078. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/inca/620162 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.