Access to management and the informativeness of analyst research

T. Clifton Green, Russell Jame, Stanimir Markov and Musa Subasi

Journal of Financial Economics, 2014, vol. 114, issue 2, 239-255

Abstract: 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 relation 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 research; Investor conference; Earnings forecast; Regulation FD (search for similar items in EconPapers)
JEL-codes: G14 (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (89)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:jfinec:v:114:y:2014:i:2:p:239-255

DOI: 10.1016/j.jfineco.2014.07.003

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