题 目：
Answer to or beyond the question: the influence of question-and-answer similarity in earnings communication conferences on analysts' forecast
主 讲 人：刘起贵 教授
主 持 人：周新苗 教授
时 间：2021年12月30日（周四）下午15:30
地 点：电竞博彩
曹光彪楼214室
主办单位：电竞博彩
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附：
Abstract：Based on linguistic similarity between investors’ questions and managers’ answers (‘Q&A similarity’ hereafter), we examine the influence of information disclosure in earnings communication conferences on analyst forecast. We find that when managers’ answer is more relevant to questions raised by investors, analyst earnings forecasts are more accurate and with less optimistic bias which remains after a series of robust tests. Earnings quality and analyst attention are two major mechanisms through which the Q&A similarity in earnings communication conferences has impact on analyst forecast. The effect of textual similarity on analyst forecast is less pronounced when the tone of management is more positive, managers’ answers contain more forward-looking information, analyst has industry specialty and when investors’ questions are related to a few specific areas. Overall, we document evidence that the Q&A similarity in earnings communication conferences helps to improve the information environment.
主讲人简介：刘起贵博士现任浙江大学“百人计划”研究员，中国注册会计师协会会员（非执业）。2013年1月至2016年1月任职于澳大利亚伍伦贡大学会计、经济与金融系，任金融学讲师（永久职位）。2016年1月起任浙江大学管理学院百人计划特聘研究员。截至目前，已经在金融及会计类的英文核心期刊发表论文10多篇（全部被SSCI检索）。截止目前，论文获引用超过300次（依据Google Scholar）。主持和参与国家自然科学基金项目2项。担任包括Journal of Corporate Finance, Journal of Banking &Finance等在内的10余本SSCI期刊的审稿人及一系列国际学术会议的专家委员会成员。获得包括亚洲金融协会年会最佳论文以及Emerald高引论文奖等在内的一系列国际重要奖项。
