【讲座时间】2022年4月19日 14:00
【参与方式】线上（中目）
会议ID:624 366 1717，会议密码:850877，会议链接:https://meeting.zomo.com.cn/j/624366171
【讲座主题】Managerial reaction to audiences’ limited attention: Evidence from overlapping conference calls
【嘉宾介绍】 杨世杰 ，香港中文大学，助理教授
Dr. Shijie Yang joined the Chinese University of Hong Kong, Shenzhen in 2017. He received his Ph.D. degree from the University of Hong Kong, and Master's and Bachelor's degrees from Xiamen University. His research interests are in the areas of financial accounting, corporate finance, and corporate governance.
【内容提要】
We use a setting of overlapping conference calls, which is when multiple calls occur simultaneously for firms covered by the same analyst, to examine the effect of analysts’ limited attention on managers’ voluntary disclosure choices. We first document that during overlapping calls, analysts are asking fewer questions, and when they do ask questions, they ask less future-oriented questions and questions containing complex financial terminologies, which is consistent with them being subject to limited attention. Our tests fail to provide any evidence that management changes the day and time of the call in such a way to reduce overlapping calls. Firm characteristics associated with overlapping calls include calendar fiscal quarter end, headquarter’s time zone, and industry classification, most of which are factors that managers are unlikely to change. Most importantly, we find that with high overlapping calls managers issue more earnings guidance, consistent with managers offsetting analysts’ attention scarcity with more voluntary disclosures. While prior studies have mainly focused on showing the effects of the receiver’s limited attention on receivers’ behavior, we study the effects of the receiver’s limited attention on the behavior of information senders.
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