A B S T R A C T
We examine the determinants and consequences of broker-hosted investor conferences. We
find the number of brokers hosting a firm at conferences is positively related to institutional
ownership and intangible assets, consistent with greater client demand for management access
among hard-to-value firms. Younger firms and those that issue equity in the future attend more
conferences, suggesting firms view conference participation as a means to enhance investor
recognition. Hosting brokers are rewarded with increased commission revenue. Commission
share increases by 0.61% during the conference week, with larger increases following more
informative conference disclosures. Firms also benefit from conference participation. In the
subsequent year, conference firms are followed by an additional 0.34 analysts, undergo a 6%
reduction in bid-ask spread, and experience a 0.03 increase in Tobin’s q.
& 2014 Elsevier B.V. All rights reserved.
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کد محصول : شماره 265
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