Accounting Seminar(2016-15)
Topic: Do Corporate Site Visits Impact Stock Prices?
Speaker: Yutao Wang, Central University of Finance and Economics
Time: Thursday, Nov.23, 10:00-11:30
Place: Room217, Guanghua Building 1
Abstract:
We examine the stock price impact of corporate site visits using a unique dataset of site visits to listed firms in China. We develop a determinant model for the likelihood of site visits and use the Heckman approach to correct the potential sample selection bias. Our main findings are as follows. First, the market reaction around corporate site visits is statistically and economically significant and is stronger for group visits, visits conducted by mutual fund managers, visits covering accounting and finance topics, visits to firms with poor information environments, and visits to manufacturing firms. Second, the stock returns around site visits are positively associated with firms’ future performance. Third, we provide direct evidence of visitors benefiting from their visits by demonstrating that the changes in visiting funds’ holdings are more predictive of firms’ future performance than those of non-visiting funds. Overall, our study contributes to the literature by presenting the evidence on the stock price impact of corporate site visits, the variation of the impact, and the usefulness of site visits for visitors’ trading strategy.
Introduction:

王玉涛,副教授、硕博项目主任、中国注册会计师、中国资产评估师
研究兴趣:我国资本市场中市场参与者行为及其相关的会计、金融问题
研究领域:上市公司盈余管理、信息披露行为
//soa.cufe.edu.cn/szdw/js/95152.htm
Your participation is warmly welcomed!