2023 Analyst conference

4th Analyst Research conference, 13th-14th June 2023, Athens, Greece

Conference video

Date: 13th to 14th June 2023

Venue: Elia Ermou Athens Hotel http://www.eliaermouhotel.com/

Format: Face-to-face with parallel sessions

Theme: Current topics in analyst research

Keynote: Prof. Roni Michaely, The University of Hong Kong (HKU)

Practitioner Keynote: Stamatios Draziotis, Head of Equity Research at Eurobank Equities

Preliminary programme:

13th June

Registration and refreshments 08:0008:55
Welcome 08:5509:00
Session 1. Chair: Irene KaramanouDiscussant  
Breaking the Language Barriers? Machine Translation Technology and Analyst Forecasts for Multinational Firms
Bingxu Fang, Singapore Management University
Dushyantkumar Vyas, Rotman School of Management09:0009:40
The Effect of In-Person Interaction on Analysts’ Forecast Accuracy: Evidence from COVID-19 Lockdowns
Yang Wang, Lancaster University
Bingxu Fang, Singapore Management University 09:4010:20
ETF Activities and Analysts’ Forecasts
S.P. Kothari, MIT
Pawel Bilinski, Bayes Business School10:2011:00
Coffee break 11:0011:15
Session 2. Chair: Pawel Bilinski   
Keynote: Prof. Roni Michaely 11:1511:45
The democratization of earnings calls
Stanmir Markov, University of Texas at Dallas
Stephannie Larocque University of Notre Dame11:4512:25
Identification of analyst coverage initiations
Jay Jung, Bayes Business School
Yuan Li, Aarhus University12:2513:05
LUNCH at Elia Ermou Athens Hotel 13:0514:25
Parallels sessions 1 and 2 (25min presentation and 10min discussion) 14:2515:35
Parallel Session 1: Analyst data and ESG. Chair: Zacharias Petrou   
The Effect of Alternative Data Release on Analysts’ Use of Existing Information Sources
Minjae Koo, Chinese University of Hong Kong
Ruby Brownen-Trinh, University of Bristol  
Which ESG Topics are (not) Relevant? Evidence from Earnings Conference Calls and Analysts’ Research Reports
Katharina Weiss, LMU Munich School of Management
Woo-Jin Chang, emlyon business school  
Parallel Session 2: Analyst characteristics. Chair: Anastasia Kopita   
Which Analyst Characteristics Help Interpreting Less Readable Annual Reports?
Sofie van der Meulen, IESEG School of Management
Woo-Jin Chang, emlyon business school  
Analyzing the Analysts: Star Rankings and Analysts’ Effort Allocation
Woo-Jin Chang, emlyon Business School
Syed Kazmi, Strasburg Business School  
Coffee break 15:3515:50
Parallels sessions 3 and 4 (25min presentation and 10min discussion) 15:5017:00
Parallel Session 3: Biases in analyst research. Chair: Marios Panayides   
Biased Inference due to Prior Beliefs: Evidence from the Field
Martin Kapons, University of Amsterdam
Zacharias Petrou, University of Liverpool  
Analysts’ Overconfidence and the Usefulness of Their Information to Firm Managers
Yuan Li, Aarhus University
Yujie Song, ESSEC Business School  
Parallel Session 4: The FED and analysts. Chair: Jay Jung   
FOMC News and Segmented Markets
Peter Kelly, University of Notre Dame
Stanmir Markov, University of Texas at Dallas  
Central Bank Expectation Management and Analyst Forecast Performance
Xiaoyong Wu, University of Bristol
Sofie van der Meulen, IESEG School of Management  

Conference dinner at Dopios Restaurant

Dopios Restaurant, 1 Skouleniou Street, Athens (map with directions).


14th June

Refreshments 08:0008:55
Session III. Chair: Efthimios DemirakosDiscussant  
How Do Equity Research Analysts Value Banks? Evidence from North American and European Banks
Ruby Brownen-Trinh, University of Bristol
Peter Kelly, University of Notre Dame09:0009:40
Cheap-Talk Concerns under Intense External Scrutiny: Sell-Side Research To the Rescue?
Jacky Chau, Chinese University of Hong Kong
Marios Panayides, University of Oklahoma09:4010:20
Coffee break 10:2010:35
Parallels sessions 5 and 6 (25min presentation and 10min discussion) 10:3512:35
Parallel Session 5: Spillover effects and debt restructuring.
Chair: Ruby Brownen-Trinh
Overcorrection: The Spillover Effect of Analysts’ Learning after Forced CEO Departures
Yujie Song, ESSEC Business School
Yang Wang, Lancaster University  
Spillover Effect of Analysts’ Stock Recommendations: The Channel Effect of Firm Industrial Position
Syed Kazmi, Strasburg Business School
Xiaoyong Wu, University of Bristol  
Debtholder-Focused Investor Communication and Out-of-Court Public Debt Restructuring
Dushyantkumar Vyas, Rotman School of Management
Martin Kapons, University of Amsterdam  
Parallel Session 6: Analyst revisions. Chair: Martin Kapons   
How does the concurrent release of target prices and earnings forecasts affect the informativeness of stock recommendation revisions?
Zacharias Petrou, University of Liverpool
Minjae Koo, Chinese University of Hong Kong  
How Do Retail Investors Evaluate the Credibility of Directionally Inconsistent Analyst Revisions? Experimental Evidence
Shankar Venkataraman, Bentley University
Irene Karamanou, University of Cyprus  
Directional Options Trading Volume around Analysts’ Announcements
Zacharias Petrou, University of Liverpool
Jacky Chau, Chinese University of Hong Kong  
Session IV: Analyst data providers and practitioner keynote.
Chair: Irene Karamanou
Consensus? An Examination of Differences in Earnings Information Across Forecast Data Providers
Stephannie Larocque University of Notre Dame
Jay Jung, Bayes Business School12:3513:15
Practitioner Keynote: Stamatios Draziotis 13:1513:45
Close 13:15 

Lunch at Athinaikon Restaurant

Athinaikon Restaurant, 34 Mitropoleos Street, Athens (map with directions).


PARTICIPANT REGISTRATION: To register as a participant or presenter, please REGISTER HERE. The registration fee is £300, which covers conference dinner at a rooftop restaurant with a view of Acropolis and conference materials. The conference fee also includes a welcoming buffet, luncheon and refreshment breaks.

Hosts: Prof Pawel Bilinski, Centre for Financial Analysis and Reporting Research (CeFARR) at Bayes Business School (formerly Cass), City, University of London.
Prof Irene Karamanou, The department of Accounting and Finance at the University of Cyprus.
Dr Efthimios Demirakos, Athens University of Economics and Business (local committee)

Arrival to Athens:
-International arrivals to Athens are through Athens International Airport Eleftherios Venizelos, which is approximately 40min by taxi from Central Athens.

The yellow Athens airport taxis are queuing up at the official taxi rank outside Exit 3 of the Arrivals level. The taxi fare is flat, at 40€ (42$) during the daytime (05:00 am – 00:00 am) and 55€ (58$) during the night shift, while the total journey to Athens city center lasts 35-40 minutes under normal traffic conditions.

Athens airport subway is the best choice for public transport. In a 5-minute walking distance from the terminal, the airport train station building is located at the Departures level and is connected to the main terminal via an elevated passageway. Though there are also elevators leading to the connecting bridge, traversing this distance with lots of luggage can become challenging. In any case, you should easily find your way to the train station following the signs “Train”.

Arriving there, you can purchase a ticket either from the station’s ticket offices or from the automatic vendors paying 9€ (10.44$) for a one-way ticket (4.5€ (5.22$) for students and elders) and 16€ (18.56$) for a return ticket. Children under 6 years of age can travel for free. The train journey to Syntagma Square is about 40 minutes, while Athens airport metro line 3 departs from the airport every 30 minutes from 06:30 am to 11:30 pm.

You can book a hotel room at these hotels which are within a 5-min walk from the conference hotel:
-Central Hotel:  £122 per night from 12th to 15th June
-Hermes Hotel:  £115 per night
-Athens Ivy:  £231 per night from 12th to 15th June
-Villa Brown Emou:  £204 per night
-Hotel Metropolis:  £118 per night
-Athenian Apartments: £94 per night
-Etheral Athens £164 per night

You can also search on expedia.com for hotels in Plaka or Monastiraki or Syndagma. All hotels are within 10-15min walking distance from the conference hotel so do not worry about the distance.

Things to do in Athens:
The conference is held in central Athens, 5 to 10min walk from Parthenon, Ancient Agora, Hadrian’s Library and other tourist locations.
If you have one day for sightseeing, the recommendation is:
Morning in Athens : The Syntagma Square, Lycabettus Hill, Museum of Cycladic Art
Afternoon in Athens : Temple of Olympian Zeus, The Acropolis of Athens, The Ancient Agora of Athens
Evening in Athens : The Monastiraki Flea Market, National Archaelogical Museum, Athens at Night

Organizers: Prof Pawel Bilinski, Prof Irene Karamanou & Dr Efthimios Demirakos
Email: cefarr@city.ac.uk
CeFARR, Bayes Business School, London