EARNINGS CONFERENCE CALLS AND INSTITUTIONAL MONITORING: EVIDENCE FROM TEXTUAL ANALYSIS

被引：8

作者：

Amoozegar, Arash ^{[1
]}

Berger, Dave ^{[2
]}

Cao, Xueli ^{[3
]}

Pukthuanthong, Kuntara ^{[3
]}

机构：

[1] Bank Canada, Ottawa, ON, Canada

[2] Oregon State Univ, Corvallis, OR 97331 USA

[3] Univ Missouri, Columbia, MO 65211 USA

来源：

JOURNAL OF FINANCIAL RESEARCH | 2020年 / 43卷 / 01期

关键词：

STOCK RETURNS; INVESTORS; INFORMATION; MARKET; TONE; INCENTIVES; GOVERNANCE; INNOVATION; SENTIMENT; MANAGER;

D O I：

10.1111/jfir.12199

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We document the effects of institutional investors on the qualitative information disclosure of firms during earnings conference calls. Using conference call and institutional ownership data between 2005 and 2016, we find that aggregate institutional ownership dampens conference call tone. The effects of institutional investors on tone are causal based on results from indexed firms. Consistent with hypotheses regarding investors' horizons, short-term institutional investors are associated with a more positive conference call tone, as well as more opportunistic trading, whereas long-term investors are associated with a more negative tone. Market participants can generally disentangle the impact of institutional investors on tone based on investor type.

引用

页码：5 / 36

页数：32

共 47 条

[1] The "Wall Street Walk" and Shareholder Activism: Exit as a Form of Voice [J].