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首页> 外文期刊>The accounting review >Individual Analysts' Stock Recommendations, Earnings Forecasts, and the Informativeness of Conference Call Question and Answer Sessions
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Individual Analysts' Stock Recommendations, Earnings Forecasts, and the Informativeness of Conference Call Question and Answer Sessions

机译：个人分析师的股票推荐，盈利预测以及会议呼吁的信息性和答案会议

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摘要

This paper deepens our understanding of the anatomy of an earnings conference call. Prior research indicates that, on average, analysts providing bullish stock recommendations or beatable earnings forecasts benefit from greater access to corporate management. Therefore, we analyze whether and to what extent individual analysts' ex ante stock recommendations and earnings forecasts affect the information content of analyst-manager conversations. Using intraday absolute stock price reactions around specific analyst-manager dialogs to measure informativeness, we find that manager dialogs with bearish analysts whose forecasts are missed are more informative. Such analysts engage in longer conversations with more back-and-forth iterations and exhibit a more negative tone, relative to bullish analysts that provide beatable forecasts. Stock prices directionally respond to both the analyst's linguistic tone and the manager's voice pitch. In sum, the capital market effects during an earnings conference call are far more nuanced than previously documented.
机译：本文深化了我们对盈利电话会议解剖的理解。现有研究表明，平均水平，提供看涨股票建议或肉打收益预测，从更大机会上获益。因此，我们分析了单个分析师的前Ante股票建议和收益预测是否以及在何种程度上影响分析师管理经理对话的信息内容。使用特定分析管理经理对话框的日内绝对股票价格反应来衡量信息性，我们发现具有未遗弃预测的看跌分析师的经理对话框更有信息。此类分析人员与更多的迭代进行了更长的对话，并相对于提供易位预测的看涨分析师展出更负面的语气。股票价格方向性地回应分析师的语言学和经理的语音音调。总而言之，盈利会议期间的资本市场效应远比以前记录的更细微差别。

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