Do the Irrelevant Answers of the Executives Can Increase the Risk of Share Price Collapse - An Analysis Based on the Text of the Q&A Session of the Earnings Presentation

Abstract

Abstract: Using a sample of firm-year observations from the Chinese stock market for the period 2005 to 2020, we examine the economic consequences and mechanisms of strategic disclosures of executives at earnings presentations. The results show that executives’ strategic responses can cover the bad news and cause irrational investor sentiment in a short time, with the result of increasing the risk of share price collapse. Further analyses show that executives’ strategic responses to the questions about forward-looking issues, such as strategic planning issues and future operating issues are more likely to increase the risk of stock price collapse. It is clear that " answer beside the point" is an opportunistic tactic that is beneficial in the short time but will lead to negative economic consequences in the long turn.

Key words: strategic answers, risk of share price collapse, investor sentiment, opportunism

CLC Number:

F230

QIU Jing, YANG Ni. Do the Irrelevant Answers of the Executives Can Increase the Risk of Share Price Collapse - An Analysis Based on the Text of the Q&A Session of the Earnings Presentation[J]. Journal of Guizhou University of Finance and Economics, 2022(06): 43-53.

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