{"title":"Analyst/Investor Days and Firms’ Information Environments","authors":"Min Park","doi":"10.2308/horizons-2023-106","DOIUrl":null,"url":null,"abstract":"\n This paper investigates the impact of analyst/investor days on hosting firms’ information environments. The event allows for human interaction and information exchange among participants. Using hand-collected data, I document the impact of analyst/investor days on the hosting firms’ information environments in two different periods: an immediate effect around the time of the event and a persisting effect around future earnings announcements. First, I show that the inaccuracy of analysts’ forecasts for various forecast horizons significantly decreases around the event. Second, I find evidence that analyst/investor days decrease information asymmetry and improve analyst forecast quality around future earnings announcements. This result suggests that the information effects persist into the future and help investors and analysts better interpret future earnings releases. Overall, this study documents the forward-looking and multidimensional nature of information disclosed at analyst/investor days in the context of sequential disclosures.\n JEL Classifications: M41; G14; G24; G32.","PeriodicalId":2,"journal":{"name":"ACS Applied Bio Materials","volume":"180 ","pages":""},"PeriodicalIF":4.7000,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"ACS Applied Bio Materials","FirstCategoryId":"91","ListUrlMain":"https://doi.org/10.2308/horizons-2023-106","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"MATERIALS SCIENCE, BIOMATERIALS","Score":null,"Total":0}
引用次数: 0
Abstract
This paper investigates the impact of analyst/investor days on hosting firms’ information environments. The event allows for human interaction and information exchange among participants. Using hand-collected data, I document the impact of analyst/investor days on the hosting firms’ information environments in two different periods: an immediate effect around the time of the event and a persisting effect around future earnings announcements. First, I show that the inaccuracy of analysts’ forecasts for various forecast horizons significantly decreases around the event. Second, I find evidence that analyst/investor days decrease information asymmetry and improve analyst forecast quality around future earnings announcements. This result suggests that the information effects persist into the future and help investors and analysts better interpret future earnings releases. Overall, this study documents the forward-looking and multidimensional nature of information disclosed at analyst/investor days in the context of sequential disclosures.
JEL Classifications: M41; G14; G24; G32.
期刊介绍：
ACS Applied Bio Materials is an interdisciplinary journal publishing original research covering all aspects of biomaterials and biointerfaces including and beyond the traditional biosensing, biomedical and therapeutic applications.
The journal is devoted to reports of new and original experimental and theoretical research of an applied nature that integrates knowledge in the areas of materials, engineering, physics, bioscience, and chemistry into important bio applications. The journal is specifically interested in work that addresses the relationship between structure and function and assesses the stability and degradation of materials under relevant environmental and biological conditions.
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