Earnings communication conferences and post-earnings-announcement drift: Evidence from China

被引：2
|
作者：
Yang, Baochen [1 ]
Liu, Yifang [1 ]
Su, Yunpeng [1 ]
机构：
[1] Tianjin Univ, Coll Management & Econ, 92 Weijin Rd, Tianjin 300072, Peoples R China
来源：
ACCOUNTING AND FINANCE | 2023年 / 63卷 / 02期
基金：
中国国家自然科学基金;
关键词：
behavioural biases; earnings communication conference; post-earnings-announcement drift (PEAD); textual analysis; CONFERENCE CALLS; STOCK RETURNS; VOLUNTARY DISCLOSURE; INSTITUTIONAL INVESTORS; INFORMATION-CONTENT; FULLY REFLECT; MARKET; LIQUIDITY; ANALYST; TONE;
D O I：
10.1111/acfi.12956
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Earnings communication conferences in China have become the main platform for direct communication between listed firms and individual investors. This study investigates whether hosting an earnings communication conference and its tone affect post-earnings-announcement drift (PEAD). We find that hosting an earnings communication conference increases PEAD. One possible explanation for our results is that investors overreact to the stock prices of firms that hold earnings communication conferences. We also conclude that the conference tone is negatively correlated with PEAD. In addition, the market reacts more strongly to the managers' tone than it does to the investor's tone.
引用
收藏
页码：2145 / 2185
页数：41
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