46 Pages Posted: 11 Sep 2012 Last revised: 10 Sep 2015
Date Written: January 17, 2014
We examine whether access to management at broker-hosted investor conferences leads to more informative research by analysts. We find analyst recommendation changes have larger immediate price impacts when the analyst’s firm has a conference-hosting relationship with the company. The effect increases with hosting frequency and is strongest in the days following the conference. Conference-hosting brokers also issue more informative, accurate, and timely earnings forecasts than non-hosts. Our findings suggest that access to management remains an important source of analysts’ informational advantage in the post- Regulation Fair Disclosure world.
Keywords: Analyst Recommendations, Earnings Forecasts, Selective Disclosure, Conference Presentations
JEL Classification: G14
Suggested Citation: Suggested Citation
Green, T. Clifton and Jame, Russell and Markov, Stanimir and Subasi, Musa, Access to Management and the Informativeness of Analyst Research (January 17, 2014). Journal of Financial Economics (JFE), 114 (2014) 249-255. Available at SSRN: https://ssrn.com/abstract=2144543 or http://dx.doi.org/10.2139/ssrn.2144543