The spillover effects of managers' evasiveness: Evidence from earnings communication conferences

Baochen Yang, Xiaoning Ren, Yifang Liu
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Abstract

We investigate how managers' evasiveness affects peer firms' stock returns. Managers' evasiveness is measured by the degree of managers' irrelevant answers and non‐answers during earnings communication conferences. Our results show that peer firms' investors react negatively to managers' evasiveness. Moreover, we find that the spillover effects are stronger for peer firms with lower information transparency, and the leading firms with a higher market power or a higher leverage ratio.
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管理者回避的溢出效应:收益交流会的证据
我们研究了经理人的回避行为如何影响同行公司的股票回报。经理人的回避性是通过经理人在财报沟通会上不相关的回答和不回答的程度来衡量的。我们的研究结果表明,同行公司的投资者对经理人的回避行为反应消极。此外,我们还发现,对于信息透明度较低的同行企业,以及市场力量较强或杠杆比率较高的领先企业,溢出效应更强。
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