喻园管理论坛2023年第31期(总第854期)

演讲主题: Managerial reaction to analysts' limited attention: Evidence from overlapping conference calls

主 讲 人: 杨世杰，南方科技大学商学院助理教授

主 持 人: 李安泰，必赢网址bwi437财务金融系讲师

活动时间: 2023年4月21日（周五）15:00-16:30

活动地点: 管理大楼107教室

主讲人简介：

杨世杰，南方科技大学商学院助理教授。曾就任于香港中文大学（深圳），于香港大学获得金融学博士学位，于厦门大学获得财务学硕士、管理学及经济学学士学位。已在国内外期刊上发表多篇学术论文，包括Journal of Corporate Finance、Journal of Banking and Finance、《经济学(季刊)》等。主要研究方向为信息披露、公司金融、公司治理。

活动简介：

We use a setting of overlapping conference calls, which is when multiple calls occur at the same time for firms covered by the same analyst, to examine analysts’ limited attention on managers’ voluntary disclosure choices. We first confirm that analysts have a lower participation rate during overlapping calls. We find no clear evidence that managers attempt to reduce call overlap. The most important factors associated with overlapping calls, such as the headquarters’ time zone, suggest that overlapping calls are mostly predetermined. We find overlapping calls are positively related to the issuance and discussion of guidance, forward-looking statements, and the use of more neutral and direct language. These results are consistent with managers offsetting analysts’ attention scarcity by increasing the quantity and quality of disclosures. We further document that overlapping calls are associated with negative market consequences and the increased disclosures associated with overlapping calls can attenuate these negative market consequences.