The Effect of Organizers on Analysts’ Forecasts: Evidence from Conference Calls in China

Xiao, Lin; Ye, Yong; Luo, Keyu

doi:10.1080/1540496x.2022.2077100

Cited by 1 publication

(1 citation statement)

References 37 publications

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“…To address concerns regarding omitted variables, we add control variables related to managerial characteristics (Salary and Tenure), ownership structure (Top1), corporate governance (Board), firm value (TobinQ), and asset shape (Intangible) to the baseline model (Lai et al, 2020;Luo et al, 2022;Xiao et al, 2023). The results are shown in columns (1) and (2) of Table 7.…”

Section: Additional Control Variablesmentioning

confidence: 99%

Pressure from words: The tone of investors in Chinese earnings communication conferences and managerial myopia

Luo,

2023

Accounting & Finance

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This study examines whether and how the negative tone of investors in earnings communication conferences (ECCs) held by Chinese listed companies influences managerial myopia. We use the bidirectional encoder representations from transformers (BERT) model to construct sentence‐level emotional tone and find that the negative tone of investors in ECCs leads to greater myopic behaviour by managers. The positive relationship between the negative tone of investors and managerial myopia is stronger when more investors participate in ECCs, investors ask more questions, and managers respond with longer statements. However, this positive relationship becomes weaker when managers have positions in other companies, managers are more competent, and managers display a more positive tone in ECCs. Additionally, this positive relationship weakens when listed companies that hold ECCs have more institutional investors and strengthens when the media reports these companies more frequently. Our results prove that individual investors can have a voice and influence the decision‐making behaviour of managers through ECCs.

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Section: Additional Control Variablesmentioning

confidence: 99%

Pressure from words: The tone of investors in Chinese earnings communication conferences and managerial myopia

Luo,

2023

Accounting & Finance

View full text Add to dashboard Cite

show abstract

The Effect of Organizers on Analysts’ Forecasts: Evidence from Conference Calls in China

Cited by 1 publication

References 37 publications

Pressure from words: The tone of investors in Chinese earnings communication conferences and managerial myopia

Pressure from words: The tone of investors in Chinese earnings communication conferences and managerial myopia

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