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  • 统计与管理学院2016年学术报告第45

     

    【主  题】Words versus Deeds: Evidence from Post-Call Manager Trades

    【报告人】 James E. Cicon, Ph.D.

    University of Central Missouri

    【时  间】 2016年11月22日(星期二)15:00-16:00

    【地  点】 上海财经大学统计与管理学院大楼1208室

    【摘  要】We examine the impact of conference call tones on the direction and magnitude of subsequent manager trades. Our univariate results show that corporate insiders buy company shares following negative-tone conference calls, and sell shares following positive-tone conference calls. This inverse call tone-trading pattern holds for both managers’ introductory sessions and subsequent question and answer (Q&A) sessions. Our multivariate results confirm the univariate call tone-trading patterns and show that contrarian manager trades are mostly driven by managerial selling activity. In contrast to the consistent and strong evidence of managers trading in the opposite direction of their call tones, we find no evidence of managers trading in the same direction of their call tones. We also examine the impact of analyst Q&A challenges on post-call manager trades. Our findings suggest that managers learn from analyst feedback and adjust their post-call trades accordingly.

    Keywords: Conference calls; Textual analysis; Disclosure; Analysts; Insider trading

    【邀请人】 卞世博