סמינר במימון חשבונאות

Alina Lerman ( Yale School of Management)

 Abstract: Using intraday data, we study the intra-industry information transfer associated with earnings conference calls. We document an economically and statistically significant co-movement of absolute and signed stock returns over the conference call window of the conference call firm and its industry peers. The effect is statistically and economically larger than the one related to the corresponding earnings announcement. Additional analysis reveals that shared institutional ownership and analyst coverage, as well as coverage by analysts providing industry recommendations, facilitate the transfer. Furthermore, the effect manifests both for peers that have already announced and those that are yet to announce, and for both true peers and rivals. Lastly, we find some evidence that peers that are mentioned during a conference call experience greater information transfers.