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Are Investors' Corporate Site Visits Informative?, Qiang Cheng, Fei Du, Xin Wang, Yutao Wang
Are Investors' Corporate Site Visits Informative?, Qiang Cheng, Fei Du, Xin Wang, Yutao Wang
Research Collection School Of Accountancy
Corporate site visit is an important type of investors’ information acquisition activities, but its usefulness is not well understood in the literature, partially due to the lack of data. Using a unique dataset of corporate site visits in China, we analyze the information content and the determinants of corporate site visits. Our main findings are as follows. First, we document a significant market reaction to corporate site visits and the market reaction is stronger for group visits, for visits conducted by mutual fund managers, for visits covering firm-specific topics, and for firms with poorer information environment. Second, we find that …
Are Investors' Corporate Site Visits Informative?, Qiang Cheng, Fei Du, Xin Wang, Yutao Wang
Are Investors' Corporate Site Visits Informative?, Qiang Cheng, Fei Du, Xin Wang, Yutao Wang
Research Collection School Of Accountancy
Corporate site visit is an important type of investors’ information acquisition activities, but its usefulness is not well understood in the literature, partially due to the lack of data. Using a unique dataset of corporate site visits in China, we analyze the information content and the determinants of corporate site visits. Our main findings are as follows. First, we document a significant market reaction to corporate site visits and the market reaction is stronger for group visits, for visits conducted by mutual fund managers, for visits covering firm-specific topics, and for firms with poorer information environment. Second, we find that …