Informational role of analyst and investor days

Kotaro Miwa

Global Finance Journal, 2023, vol. 56, issue C

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.

Keywords: Voluntary disclosure; Analyst and investor day; Linguistic tone; Analyst forecast (search for similar items in EconPapers)
JEL-codes: G11 G14 G15 G24 (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:glofin:v:56:y:2023:i:c:s1044028323000078

DOI: 10.1016/j.gfj.2023.100812

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