Abstract
This study empirically clarifies whether analyst and investor days (AI days) affect earnings expectations of participants. The analyses reveal that the tone of the question-and-answer (Q&A) session, rather than that of the management presentation, is positively associated with subsequent revisions of analysts' earnings forecasts. This suggests that such an interactive discussion during a Q&A session plays a key role in affecting analysts' expectations. Furthermore, abnormal returns around the AI days are irrelevant to the tone of the Q&A session. This suggests that AI days mainly provide a partially known (supplemental) information rather than offering new information to analysts and investors.
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