Abstract

http://ssrn.com/abstract=1911959
 
 

References (47)



 
 

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Broker-Hosted Investor Conferences


T. Clifton Green


Emory University - Goizueta Business School

Russell E. Jame


University of Kentucky

Stanimir Markov


Southern Methodist University (SMU) - Edwin L. Cox School of Business

Musa Subasi


University of Missouri at Columbia - Robert J. Trulaske, Sr. College of Business

May 30, 2014

Journal of Accounting & Economics (JAE), Forthcoming

Abstract:     
We examine the determinants and consequences of broker-hosted investor conferences. We find the number of brokers hosting a firm at conferences is positively related to institutional ownership and intangible assets, consistent with greater client demand for management access among hard-to-value firms. Younger firms and those that issue equity in the future attend more conferences, suggesting firms view conference participation as a means to enhance investor recognition. Hosting brokers are rewarded with increased commission revenue. Commission share increases by 0.61% during the conference week, with larger increases following more informative conference disclosures. Firms also benefit from conference participation. In the subsequent year, conference firms are followed by an additional 0.34 analysts, undergo a 6% reduction in bid-ask spread, and experience a 0.03 increase in Tobin’s Q.

Number of Pages in PDF File: 59

Keywords: Analyst Research, Institutional Trading, Brokerage Commissions

JEL Classification: G14

Accepted Paper Series


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Date posted: August 19, 2011 ; Last revised: June 24, 2014

Suggested Citation

Green, T. Clifton and Jame, Russell E. and Markov, Stanimir and Subasi, Musa, Broker-Hosted Investor Conferences (May 30, 2014). Journal of Accounting & Economics (JAE), Forthcoming. Available at SSRN: http://ssrn.com/abstract=1911959 or http://dx.doi.org/10.2139/ssrn.1911959

Contact Information

T. Clifton Green (Contact Author)
Emory University - Goizueta Business School ( email )
1300 Clifton Rd.
Atlanta, GA 30322-2710
United States
404-727-5167 (Phone)
404-727-5238 (Fax)
Russell E. Jame
University of Kentucky ( email )
Gatton College of Businesss & Economics
Lexington, KY 40506
United States
HOME PAGE: http://russelljame.com
Stanimir Markov
Southern Methodist University (SMU) - Edwin L. Cox School of Business ( email )
P.O. Box 750333
Dallas, TX 75275-0333
United States
Musa Subasi
University of Missouri at Columbia - Robert J. Trulaske, Sr. College of Business ( email )
331 Cornell Hall
Columbia, MO 65211
United States
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