Come on Over: Analyst/Investor Days as a Disclosure Medium

1 Pages Posted: 12 Sep 2012 Last revised: 12 Feb 2016

See all articles by Marcus Kirk

Marcus Kirk

University of Florida - Fisher School of Accounting

Stanimir Markov

University of Texas at Dallas - Naveen Jindal School of Management

Date Written: February 12, 2016

Abstract

Our study introduces analyst/investor days, a new disclosure medium that allows for private interactions with influential market participants. We also highlight interdependencies in the choice and information content of analyst/investor days and conference presentations, a well-researched disclosure medium which similarly allows for private interactions. Analyst/investor days are less frequent but with longer duration and greater price impact than conference presentations. They are mostly hosted by firms that already have opportunities to interact with investors at conferences, but whose complex and diverse activities make the short duration and rigid format of a conference presentation an imperfect solution to these firms’ information problems. Analyst/investor days and conference presentations tend to occur in different quarters, consistent with their competing for the time and attention of senior management. When these two mediums are scheduled in close temporal proximity to each other, analyst/investor days diminish the information content of conference presentations but not vice versa, consistent with managers’ favoring analyst/investor days over conference presentations as a disclosure medium.

Keywords: voluntary disclosure, information content, investor recognition, investor conferences, investor relations, analyst coverage, institutional investors

JEL Classification: D82, M41, G11, G12, G14, G24

Suggested Citation

Kirk, Marcus and Markov, Stanimir, Come on Over: Analyst/Investor Days as a Disclosure Medium (February 12, 2016). Accounting Review, 2017. Available at SSRN: https://ssrn.com/abstract=2144972 or http://dx.doi.org/10.2139/ssrn.2144972

Marcus Kirk

University of Florida - Fisher School of Accounting ( email )

Warrington College of Business
PO Box 117166
Gainesville, FL 32611-7166
United States
352-273-0222 (Phone)

Stanimir Markov (Contact Author)

University of Texas at Dallas - Naveen Jindal School of Management ( email )

P.O. Box 830688
Richardson, TX 75083-0688
United States
972 883 5166 (Phone)

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