The impact of an SEC investigation on conference call participation and analysts’ forecast quality

Analyst Conflict of Interest and Earnings Conference Call Informativeness

“…We specifically examine whether the capital market responds differently to analyst-manager dialogues based on whether an analyst is favored or disfavored by management. Our investigation is motivated by research showing that sell side analysts overall are responsible for much of the informativeness of earnings conference calls (Matsumoto, Pronk, and Roelofsen 2011) and by SEC concerns about analyst conflicts of interest in the conference call setting (Cox 2005;Smith, Alfonso, and Hogan 2018). How informative the capital market finds conference call dialogues of favored and disfavored analysts is unclear as there are three possibilities.…”

Fatores comportamentais determinantes da acurácia da previsão de lucro dos analistas financeiros

“…Assim, devido à relevância das previsões dos analistas para o funcionamento do mercado financeiro, verifica-se a existência de pesquisas que buscam identificar quais são os fatores determinantes da sua acurácia, como: (a) a qualidade dos relatórios financeiros (Bernardi & Stark, 2018;Choi, Hu, & Karim, 2020;Choi, 2018;Eliwa et al, 2021;Iqbal, Ali, Umar, Ullah, & Jebran, 2021); (b) o ambiente econômico (Chourou et al, 2021;Ho, Nguyen, Parikh, & Vo, 2020;Hou & Gao, 2021;Yu et al, 2020); (c) a disponibilidade de informação (Dambra, Field, Gustafson, & Pisciotta, 2018;Felo, Kim, & Lim., 2018;Galanti, 2016;Tsao et al, 2018;Tsao, Lu, & Keung, 2016); (d) as caraterísticas da empresa (Eugster, 2019;Leal et al, 2016;Oliveira & Girão, 2018;Platikanova & Mattei, 2016); (e) a adoção do IRFS (Göttsche, Küster, & Steindl, 2021;Hsu & Chen, 2020;Sanabria-García & Garrido-Miralles, 2020); (f) a adoção de políticas e diretrizes (Cowan & Salotti, 2020;Smith, Alfonso, & Hogan, 2018); (g) o endividamento (BC & Esfahani, 2020) e (h) a governança corporativa (Bhat, Hope, & Kang, 2006;Byard, Li, & Weintrop, 2006;Dalmácio, Lopes, Rezende, & Sarlo Neto, 2013).…”