کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5086723 1375267 2014 25 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Broker-hosted investor conferences
ترجمه فارسی عنوان
کنفرانس های سرمایه گذار میزبان کارگزاری
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری حسابداری
چکیده انگلیسی


- We study the determinants and the consequences of broker-hosted investor conferences.
- Conferences are common when demand for management access is high and when firm incentives to participate are strong.
- Hosting brokers are rewarded with increased commission revenue.
- Firm benefits include greater investor recognition, liquidity, and firm value.
- Our results illustrate the interconnectedness of corporate disclosure and brokerage research activities.

We examine the determinants and consequences of broker-hosted investor conferences. We find the number of brokers hosting a firm at conferences is positively related to institutional ownership and intangible assets, consistent with greater client demand for management access among hard-to-value firms. Younger firms and those that issue equity in the future attend more conferences, suggesting firms view conference participation as a means to enhance investor recognition. Hosting brokers are rewarded with increased commission revenue. Commission share increases by 0.61% during the conference week, with larger increases following more informative conference disclosures. Firms also benefit from conference participation. In the subsequent year, conference firms are followed by an additional 0.34 analysts, undergo a 6% reduction in bid-ask spread, and experience a 0.03 increase in Tobin׳s q.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Accounting and Economics - Volume 58, Issue 1, August 2014, Pages 142-166
نویسندگان
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