The Dark Side of Investor Conferences: Evidence of Managerial Opportunism
نویسندگان
چکیده
ABSTRACT Although the shareholder benefits of investor conferences are well-documented, evidence on whether these facilitate managerial opportunism is scarce. We examine managers opportunistically exploit heightened attention around conference to “hype” stock. find that (1) increase quantity voluntary disclosure leading up conference, (2) disclosures more positive in tone and prices a greater extent than post-conference disclosures, (3) pronounced when insiders sell their shares immediately prior conference. In circumstances where pre-conference coincide with insider net selling, we significant return reversal––large returns before large negative after conference––and firm likely be named securities class action lawsuit. Collectively, our findings consistent some hyping stock
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ژورنال
عنوان ژورنال: The Accounting Review
سال: 2023
ISSN: ['1558-7967', '0001-4826']
DOI: https://doi.org/10.2308/tar-2020-0624