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Article: Do Corporate Site Visits Impact Stock Prices?

TitleDo Corporate Site Visits Impact Stock Prices?
Authors
Issue Date2019
PublisherCanadian Academic Accounting Association. The Journal's web site is located at http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1911-3846/
Citation
Contemporary Accounting Research, 2019, v. 36, p. 359-388 How to Cite?
AbstractWe examine the stock price impact of corporate site visits using a unique data set of site visits to listed firms in China. 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, the changes in visiting funds’ holdings are more predictive of firms’ future performance than those of nonvisiting funds. Overall, this study contributes to the literature by providing evidence that site visits are important venues for investors to collect information about firms and make informed trades.
DescriptionLink to Free access
Persistent Identifierhttp://hdl.handle.net/10722/275624
ISSN
2017 Impact Factor: 2.065
2015 SCImago Journal Rankings: 2.594

 

DC FieldValueLanguage
dc.contributor.authorCheng, Q-
dc.contributor.authorDU, F-
dc.contributor.authorWang, BY-
dc.contributor.authorWang, X-
dc.date.accessioned2019-09-10T02:46:18Z-
dc.date.available2019-09-10T02:46:18Z-
dc.date.issued2019-
dc.identifier.citationContemporary Accounting Research, 2019, v. 36, p. 359-388-
dc.identifier.issn0823-9150-
dc.identifier.urihttp://hdl.handle.net/10722/275624-
dc.descriptionLink to Free access-
dc.description.abstractWe examine the stock price impact of corporate site visits using a unique data set of site visits to listed firms in China. 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, the changes in visiting funds’ holdings are more predictive of firms’ future performance than those of nonvisiting funds. Overall, this study contributes to the literature by providing evidence that site visits are important venues for investors to collect information about firms and make informed trades.-
dc.languageeng-
dc.publisherCanadian Academic Accounting Association. The Journal's web site is located at http://onlinelibrary.wiley.com/journal/10.1111/(ISSN)1911-3846/-
dc.relation.ispartofContemporary Accounting Research-
dc.titleDo Corporate Site Visits Impact Stock Prices?-
dc.typeArticle-
dc.identifier.emailWang, X: wangxacy@hku.hk-
dc.identifier.authorityWang, X=rp01555-
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.doi10.1111/1911-3846.12417-
dc.identifier.scopuseid_2-s2.0-85058016915-
dc.identifier.hkuros304386-
dc.identifier.volume36-
dc.identifier.spage359-
dc.identifier.epage388-
dc.publisher.placeCanada-

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