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
相关论文
共 50 条
  • [31] Media heterogeneity and post-earnings announcement drift: evidence from China
    Guo, Ye
    Huang, Mengqi
    [J]. ACCOUNTING AND FINANCE, 2019, 59 (05): : 3223 - 3252
  • [32] Heterogeneous investor attention and post earnings announcement drift: Evidence from China
    Chen, Xing
    Diao, Xundi
    Wu, Chongfeng
    [J]. ECONOMIC MODELLING, 2022, 110
  • [33] PEAD.txt: Post-Earnings-Announcement Drift Using Text
    Meursault, Vitaly
    Liang, Pierre Jinghong
    Routledge, Bryan R.
    Scanlon, Madeline Marco
    [J]. JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, 2023, 58 (06) : 2299 - 2326
  • [34] Post-earnings announcement drift: Evidence from Turkey
    Ahlatcioglu, Aykut
    Okay, Nesrin
    [J]. BORSA ISTANBUL REVIEW, 2021, 21 (01) : 92 - 103
  • [35] The Effect of Ex Ante Management Forecast Accuracy on the Post-Earnings-Announcement Drift
    Zhang, Li
    [J]. ACCOUNTING REVIEW, 2012, 87 (05): : 1791 - 1818
  • [36] V-Shaped Disposition Effect, Stock Prices, and Post-Earnings-Announcement Drift: Evidence from Korea
    Kim, Minki
    Kim, Toyoung
    Kim, Tong Suk
    [J]. JOURNAL OF BEHAVIORAL FINANCE, 2023, 24 (03) : 345 - 364
  • [37] Algorithmic Trading and Post-Earnings-Announcement Drift: A Cross-Country Study
    Chen, Tao
    [J]. INTERNATIONAL JOURNAL OF ACCOUNTING, 2023, 58 (01):
  • [38] POST-EARNINGS-ANNOUNCEMENT DRIFT - DELAYED PRICE RESPONSE OR RISK PREMIUM - DISCUSSION
    MARAIS, ML
    [J]. JOURNAL OF ACCOUNTING RESEARCH, 1989, 27 : 37 - 48
  • [39] The role of institutional investors in post-earnings announcement drift: evidence from China
    Cai, Guilong
    Lin, Bingxuan
    Wei, Minghai
    Xu, Xiaowei
    [J]. ACCOUNTING AND BUSINESS RESEARCH, 2021, 51 (02) : 206 - 236
  • [40] Earnings Management and the Post-earnings Announcement Drift
    Louis, Henock
    Sun, Amy X.
    [J]. FINANCIAL MANAGEMENT, 2011, 40 (03) : 591 - 621
12345