文献类型：期刊文献

英文题名：Inside the "black box" of private in-house meetings

作者：Bowen, Robert M.[1,2];Dutta, Shantanu[3];Tang, Songlian[4];Zhu, Pengcheng[1]

机构：[1]Univ San Diego, Sch Business, 5998 Alcala Pk, San Diego, CA 92110 USA;[2]Univ Washington, Foster Sch Business, Seattle, WA 98195 USA;[3]Univ Ottawa, Telfer Sch Management, 55 Laurier East, Ottawa, ON K1N 6N5, Canada;[4]East China Univ Sci & Technol, Sch Business, 130 Meilong Rd, Shanghai 200237, Peoples R China

年份：2018

卷号：23

期号：2

起止页码：487

外文期刊名：REVIEW OF ACCOUNTING STUDIES

收录：;WOS:【SSCI(收录号:WOS:000430992500004)】；

基金：The authors acknowledge the helpful comments of an anonymous referee, Barbara Bliss, Nicole Cade, Shanqing Dong, Jane (Kennedy) Jollineau, Michel Lebas, Shiguang Liao, Jinguo Liu, Dawn Matsumoto, Chris Parsons, Johan Perols, Scott Richardson, Terry Shevlin, Qian Sun, Ruixiang Wang, Mitch Warachka, Carsten Zimmerman, postdoctoral research fellows at the Shanghai Stock Exchange, and workshop participants at the University of San Diego. An earlier version of the paper won the Emerald Best Paper Award at the 2016 China Finance Review International Conference in Shanghai and won the CFA Institute Asia-Pacific Capital Markets Research Award at the 2016 Auckland Finance Meeting in New Zealand. The research is funded by the National Natural Science Foundation of China (NSFC research grant number: 71672059).

语种：英文

外文关键词：Disclosure; Privatemeetings; Private information; Insider trading; Content analysis

摘要：We examine information content and related insider trading around private in-house meetings between corporate insiders and investors and analysts. We use a hand-collected dataset of approximately 17,000 private meeting summary reports of Shenzhen Stock Exchange firms over 2012-2014. We find that these private meetings are informative and corporate insiders conducted over one-half of their stock sales (totaling $8.7 billion) around these meetings. Some insiders time their transactions and earn substantial gains by selling (purchasing) relatively more shares before bad (good) news disclosures while postponing selling (purchasing) when good (bad) news is to be disclosed in the meeting. Finally, we conduct a content analysis of published meeting summary reports and find that the tone in these reports is associated with stock market reactions around (1) private meetings themselves, (2) subsequent public release of private meeting details, (3) subsequent earnings announcements and (4) future stock performance.