Expert Network Calls

Sean Cao, T. Clifton Green, Lijun (Gillian) Lei and Shaojun Zhang
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Sean Cao: U of Maryland
T. Clifton Green: Emory U
Lijun (Gillian) Lei: U of North Carolina at Greensboro

Working Paper Series from Ohio State University, Charles A. Dice Center for Research in Financial Economics

Abstract: Expert networks provide investors with in-depth discussions with subject matter experts. Expert call demand is higher for younger, technology-oriented firms and those with greater intangible assets, consistent with demand for information on hard-to-value firms. Expert calls are more (less) likely to emphasize technology and operational (financial) topics relative to earnings calls. We find that expert call volume is associated with hedge fund position changes and greater price efficiency. The relation is asymmetric, with call volume preceding hedge fund sales, greater short interest, and negative firm performance. The evidence suggests that expert networks help investors discern complicated bad news.

JEL-codes: G11 G12 G14 (search for similar items in EconPapers)
Date: 2022-11
New Economics Papers: this item is included in nep-bec
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Persistent link: https://EconPapers.repec.org/RePEc:ecl:ohidic:2022-13

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