Other Unpublished Work
Private Interaction between Firm Management and Sell-Side Analysts
I investigate private interaction between sell-side analysts and senior management by examining a set of internal records compiled by a large-cap NYSE traded firm. I find that analysts who privately meet with management cover fewer firms, have less experience, and cover the sample firm for a longer period of time. Individual analyst characteristics dominate attributes of the firms they work for in explaining who interacts with management. Analysts who interact privately are more likely to create research reports. At the same time, I do not find that private interaction significantly improves the accuracy of analysts' estimates of quarterly earnings. Evidence also suggests that private interaction with management largely complements, rather than substitutes for, other means of public interaction such as quarterly conference calls.
Experience and Expertise;