Although the shareholder benefits of investor conferences are well-documented, evidence
on whether these conferences facilitate managerial opportunism is scarce. We examine
whether managers opportunistically exploit heightened attention around the conference to
“hype” the stock. We find that (1) managers increase the quantity of voluntary disclosure
leading up to the conference,(2) these disclosures are more positive in tone and increase
prices to a greater extent than post-conference disclosures, and (3) these disclosures are …