Management communications with securities analysts
Publication
, Journal Article
Francis, J; Douglas Hanna, J; Philbrick, DR
Published in: Journal of Accounting and Economics
December 31, 1997
This paper examines the benefits from communications made at corporate presentations to securities analysts. We examine whether firms benefit by increasing analyst following or by correcting mispricing, and whether analysts gain by acquiring information that improves the frequency or quality of their forecasts. The results show significant increases in analyst following, and significantly positive abnormal returns on the presentation date, with larger reactions observed for underpriced securities. Finally, although we find an increase in forecasting activity following the presentations, we find no evidence that analysts' post-presentation forecasts are less disperse, more accurate or less biased than their pre-presentation forecasts.
Duke Scholars
Altmetric Attention Stats
Dimensions Citation Stats
Published In
Journal of Accounting and Economics
DOI
ISSN
0165-4101
Publication Date
December 31, 1997
Volume
24
Issue
3
Start / End Page
363 / 394
Related Subject Headings
- Accounting
- 3801 Applied economics
- 3502 Banking, finance and investment
- 3501 Accounting, auditing and accountability
- 1502 Banking, Finance and Investment
- 1501 Accounting, Auditing and Accountability
- 1402 Applied Economics
Citation
APA
Chicago
ICMJE
MLA
NLM
Francis, J., Douglas Hanna, J., & Philbrick, D. R. (1997). Management communications with securities analysts. Journal of Accounting and Economics, 24(3), 363–394. https://doi.org/10.1016/S0165-4101(98)00012-3
Francis, J., J. Douglas Hanna, and D. R. Philbrick. “Management communications with securities analysts.” Journal of Accounting and Economics 24, no. 3 (December 31, 1997): 363–94. https://doi.org/10.1016/S0165-4101(98)00012-3.
Francis J, Douglas Hanna J, Philbrick DR. Management communications with securities analysts. Journal of Accounting and Economics. 1997 Dec 31;24(3):363–94.
Francis, J., et al. “Management communications with securities analysts.” Journal of Accounting and Economics, vol. 24, no. 3, Dec. 1997, pp. 363–94. Scopus, doi:10.1016/S0165-4101(98)00012-3.
Francis J, Douglas Hanna J, Philbrick DR. Management communications with securities analysts. Journal of Accounting and Economics. 1997 Dec 31;24(3):363–394.
Published In
Journal of Accounting and Economics
DOI
ISSN
0165-4101
Publication Date
December 31, 1997
Volume
24
Issue
3
Start / End Page
363 / 394
Related Subject Headings
- Accounting
- 3801 Applied economics
- 3502 Banking, finance and investment
- 3501 Accounting, auditing and accountability
- 1502 Banking, Finance and Investment
- 1501 Accounting, Auditing and Accountability
- 1402 Applied Economics