The Information Role of Investors’ Site Visits in Management Forecasts

Haojing Guo, Siyuan Tang and Zhe Wei

Emerging Markets Finance and Trade, 2024, vol. 60, issue 8, 1762-1794

Abstract: Prior research mainly focuses on how investors acquire private information through corporate site visits. Rarely evidence shows whether firms can obtain external information from investors’ site visits. We hypothesize and find that investors’ site visits are positively associated with management forecast qualities (i.e. accuracy and precision). This association is stronger when investors have an external information advantage or more information demand. We also find that improving management forecasts of investors’ site visits is more pronounced when firms have better governance. Our study highlights the information role of investors’ site visits which can further benefit firms’ operations and support recent governors’ advice to maintain investor related activities better.

Date: 2024
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DOI: 10.1080/1540496X.2023.2284302

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