セミナーシリーズ
経営学セミナー（2023.12.18）
Jie Cao（Professor, Hong Kong Polytechnic University）
- 開催日：
- 2023年12月18日（月）16:30-18:00
- 場所：
- 京都大学 吉田キャンパス 総合研究2号館 3階 大演習室2
- 言語：
- 英語
- コーディネーター：
- チョルパン・アスリ
タイトル：
“Do Insurers Listen to Earnings Conference Calls? Evidence from the Corporate Bond Market”
Abstract:
We find that insurance companies decrease their holdings of a bond if the tone of the bond issuer’s earnings conference call is more negative. The net negative tone of conference calls significantly predicts the issuer’s default risk, which is a central concern for insurance companies. By creating a novel default-related dictionary, we further confirm that insurance companies react to the tone related to default information in conference calls. Bonds issued by firms with more negative conference calls and largely held by insurance companies experience lower returns after the calls. The aggregate selling of insurance companies triggered by negative conference calls would spill over to private industry peers and lead to liquidity risk in the underlying corporate bond market.