Analyst/Investor Days and Firms’ Information Environments
研究分析师/投资者日如何影响公司信息环境，发现该活动能立即降低分析师预测误差，并持续改善未来盈余公告期间的信息不对称和分析师预测质量。
SYNOPSIS This paper investigates the impact of analyst/investor days on hosting firms’ information environments. The event allows for human interaction and information exchange among participants. Using hand-collected data, I document the impact of analyst/investor days on the hosting firms’ information environments in two different periods: an immediate effect around the time of the event and a persisting effect around future earnings announcements. First, I show that the inaccuracy of analysts’ forecasts for various forecast horizons significantly decreases around the event. Second, I find evidence that analyst/investor days decrease information asymmetry and improve analyst forecast quality around future earnings announcements. This result suggests that the information effects persist into the future and help investors and analysts better interpret future earnings releases. Overall, this study documents the forward-looking and multidimensional nature of information disclosed at analyst/investor days in the context of sequential disclosures. JEL Classifications: M41; G14; G24; G32.