Abstract

http://ssrn.com/abstract=1911959
 
 

References (47)



 
 

Citations (4)



 


 



Investor Conferences as a Research Service


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

April 2013


Abstract:     
Broker-hosted investor conferences are invitation-only events that allow select clients to interact with firm management. We find that firms that attend investor conferences tend to have high intangible assets, consistent with greater demand for management access among hard-to-value firms. Using a sample of institutional transactions, we find that investor conferences have a significant effect on broker revenues in the days following the event, and the effect is larger when conference disclosures are more informative, which suggests investors reward brokers for facilitating informative disclosures. Our results indicate that brokerage research extends beyond the distribution of published reports and establish investor conferences as a distinct research service.

Number of Pages in PDF File: 54

Keywords: Analyst Research, Institutional Trading, Brokerage Commissions

JEL Classification: G14

working papers series


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Date posted: August 19, 2011 ; Last revised: April 11, 2013

Suggested Citation

Green, T. Clifton and Jame, Russell E. and Markov, Stanimir and Subasi, Musa, Investor Conferences as a Research Service (April 2013). 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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