2023 Analyst conference
4th Analyst Research conference, 13th-14th June 2023, Athens, Greece
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
Keynote powerpoint slides
Preliminary programme
13th June | |||
|---|---|---|---|
| Registration and refreshments | 08:00 | 08:55 | |
| Welcome | 08:55 | 09:00 | |
| Session 1. Chair: Irene Karamanou | Discussant | ||
|
Breaking the Language Barriers? Machine Translation Technology and Analyst Forecasts for Multinational Firms Bingxu Fang, Singapore Management University | Dushyantkumar Vyas, Rotman School of Management | 09:00 | 09:40 |
| The Effect of In-Person Interaction on Analysts’ Forecast Accuracy: Evidence from COVID-19 Lockdowns Yang Wang, Lancaster University | Bingxu Fang, Singapore Management University | 09:40 | 10:20 |
| ETF Activities and Analysts’ Forecasts S.P. Kothari, MIT | Pawel Bilinski, Bayes Business School | 10:20 | 11:00 |
| Coffee break | 11:00 | 11:15 | |
| Session 2. Chair: Pawel Bilinski | |||
| Keynote: Prof. Roni Michaely | 11:15 | 11:45 | |
| The democratisation of earnings calls Stanmir Markov, University of Texas at Dallas | Stephannie Larocque University of Notre Dame | 11:45 | 12:25 |
|
Identification of analyst coverage initiations Jay Jung, Bayes Business School | Yuan Li, Aarhus University | 12:25 | 13:05 |
| LUNCH at Elia Ermou Athens Hotel | 13:05 | 14:25 | |
| Parallels sessions 1 and 2 (25min presentation and 10min discussion) | 14:25 | 15:35 | |
| 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 | Shankar Venkataraman, Bentley University | ||
| 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 | 15:35 | 15:50 | |
| Parallels sessions 3 and 4 (25min presentation and 10min discussion) | 15:50 | 17:00 | |
| 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). | 19:00 | 21:00 |
14th June | |||
|---|---|---|---|
| Refreshments | 08:00 | 08:55 | |
| Session III. Chair: Efthimios Demirakos | Discussant | ||
| 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 Dame | 09:00 | 09:40 |
|
Cheap-Talk Concerns under Intense External Scrutiny: Sell-Side Research To the Rescue? Jacky Chau, Chinese University of Hong Kong | Marios Panayides, University of Oklahoma | 09:40 | 10:20 |
| Coffee break | 10:20 | 10:35 | |
| Parallels sessions 5 and 6 (25min presentation and 10min discussion) | 10:35 | 12:35 | |
| 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 School | 12:35 | 13:15 |
| Practitioner Keynote: Stamatios Draziotis | 13:15 | 13:45 | |
| Close | 13:15 | ||
Lunch at Athinaikon Restaurant Athinaikon Restaurant, 34 Mitropoleos Street, Athens (map with directions). | 13:15 | 15:00 |
Participant registration
To register as a participant or presenter, please register below. 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.
Register for the 2023 Analyst Conference
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.
Hotels
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.
Contact information
- Organisers: Prof Pawel Bilinski, Prof Irene Karamanou & Dr Efthimios Demirakos
- Email: cefarr@city.ac.uk
- CeFARR, Bayes Business School, London