To share or not to share? Financial analysts’ questioning in conference calls

Haag, Julia; Hofmann, Christian ; Paulus, Alexander; Schwaiger, Nina und Sellhorn, Thorsten (März 2022): To share or not to share? Financial analysts’ questioning in conference calls. SSRN

Abstract

https://ssrn.com/abstract=38538We study information revelation via analysts’ questions in earnings conference calls and its implications for firms’ information environments. Better-informed analysts (who have higher ex-ante forecast accuracy) reveal less new information in their questions than less-informed analysts. Consistent with strategic safeguarding of their information advantage, analysts reveal less (more) information when exposed to strong competition (high information uncertainty). Information revelation is linked to ex-post benefits (higher absolute forecast accuracy) and costs (lower relative forecast accuracy) to analysts. Finally, it is associated with the informativeness of managers’ answers and affects trading volume, bid-ask spreads, and returns. We conclude that analysts’ strategic information revelation shapes firms’ information environments. 69

• Dokumententyp: Paper
• Fakultät: Betriebswirtschaft > Institut für Rechnungswesen und Wirtschaftsprüfung ; Betriebswirtschaft > Institut für Unternehmensrechnung und Controlling
• Themengebiete: 300 Sozialwissenschaften > 330 Wirtschaft
• ISSN: 1556-5068
• Sprache: Englisch