This paper examines whether selective access to corporate managers allows investors to revise their beliefs and execute profitable trades. We examine whether investors benefit from two potential opportunities for selective access at invitation-only investor conferences: one-on-one meetings with...

Conference presentations differ from other voluntary disclosures in that the audience for the disclosure is co-located with managers in a well-defined physical and social setting, or “disclosure milieu.” The milieu affects the degree to which conference participants can update their prior...

This paper examines whether selective access to corporate managers allows investors to revise their beliefs and execute profitable trades. We examine whether investors benefit from two potential opportunities for selective access at invitation-only investor conferences: one-on-one meetings with...