FINANCIAL MANAGEMENT · Volume 46, Issue 4 · 2017

“说”和“做”：来自经理在电话会议后的股票交易的证据

作者：Paul Brockman (Lehigh University in Bethlehem), James E. Cicon (University of Central Missouri in Warrensburg), Xu Li (University of Hong Kong), S. McKay Price (College of Business and Economics at Lehigh University in Bethlehem)

摘要：我们检验了电话会议的语气对经理随后的股票交易的买卖方向以及数量的影响。我们的单变量分析显示了公司的内部人员会在语气消极的电话会议后买入公司股票，在语气积极的电话会议后卖出公司股票。这种基于电话语气的反向操作模式对经理的介绍会和随后的问答环节都适用。我们的多变量分析结果也确认了单变量分析结果中的电话语气交易模式的成立，并且证明了经理的反向操作主要是受管理销售活动驱动。我们找到了一致且较强的证据，证明经理会根据电话语气进行反向操作，与此相反，我们并没有发现经理根据电话语气进行同向操作的证据。我们还检验了分析师的问答环节对电话会议后的经理交易的影响。我们的结果显示经理会从分析师的反馈中学习并且会对电话会议后的交易做出相应调整。

Words versus Deeds: Evidence from Post-Call Manager Trades

Paul Brockman (Lehigh University in Bethlehem), James E. Cicon (University of Central Missouri in Warrensburg), Xu Li (University of Hong Kong), S. McKay Price (College of Business and Economics at Lehigh University in Bethlehem)

ABSTRACT

We examine the impact of conference call tones on the direction and magnitude of subsequent manager trades. Our univariate results show that corporate insiders buy company shares following negative-tone conference calls and sell shares following positive-tone conference calls. This inverse call tone–trading pattern holds for both managers’ introductory sessions and subsequent question-and-answer (Q&A) sessions. Our multivariate results confirm the univariate call tone–trading patterns and show that contrarian manager trades are mostly driven by managerial selling activity. In contrast to the consistent and strong evidence of managers trading in the opposite direction of their call tones, we find no evidence of managers trading in the same direction of their call tones. We also examine the impact of analyst Q&A challenges on post-call manager trades. Our findings suggest that managers learn from analyst feedback and adjust their post-call trades accordingly.

原文链接：

http://onlinelibrary.wiley.com/doi/10.1111/fima.12173/full

翻译：吴雨玲