Informational role of analyst and investor days

Research output: Contribution to journalArticlepeer-review

3 Citations (Scopus)


This study empirically clarifies whether analyst and investor days (AI days) affect earnings expectations of participants. The analyses reveal that the tone of the question-and-answer (Q&A) session, rather than that of the management presentation, is positively associated with subsequent revisions of analysts' earnings forecasts. This suggests that such an interactive discussion during a Q&A session plays a key role in affecting analysts' expectations. Furthermore, abnormal returns around the AI days are irrelevant to the tone of the Q&A session. This suggests that AI days mainly provide a partially known (supplemental) information rather than offering new information to analysts and investors.

Original languageEnglish
Article number100812
JournalGlobal Finance Journal
Issue number100812
Publication statusPublished - Feb 7 2023

All Science Journal Classification (ASJC) codes

  • Finance
  • Economics and Econometrics


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