Access to management and the informativeness of analyst research

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

Research output: Contribution to journalArticlepeer-review

158 Scopus citations

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.

Original languageEnglish
Pages (from-to)239-255
Number of pages17
JournalJournal of Financial Economics
Volume114
Issue number2
DOIs
StatePublished - Nov 1 2014

Bibliographical note

Publisher Copyright:
© 2014 Elsevier B.V.

Keywords

  • Analyst research
  • Earnings forecast
  • Investor conference
  • Regulation FD

ASJC Scopus subject areas

  • Accounting
  • Finance
  • Economics and Econometrics
  • Strategy and Management

Fingerprint

Dive into the research topics of 'Access to management and the informativeness of analyst research'. Together they form a unique fingerprint.

Cite this