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IWH Autumn Forecast 2025 Recovery on Shaky Ground – Tariffs Dampen Growth, but a Change in Fiscal Policy is on the Way September 4, 2025 In late summer 2025, it is still unclear…
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Lecturers at CGDE Institutions Jordan Adamson Assistant Professor at Institute for Empirical Economic Research, Leipzig University. Website Lars Börner Professor of Economics at…
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Info Graphs Sometimes pictures say more than a thousand words. Therefore, we selected a few graphs to present our main topics visually. If you should have any questions or would…
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Recovery on shaky ground US tariffs dampen growth, but a change in fiscal policy is on the way. It is not until 2026 that fiscal policy stimulus measures, combined with low key…
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Courses Courses are organised in coordination with partner institutions within the Central-German Doctoral Program Economics (CGDE) network. IWH organises First-Year Courses in…
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Equal Opportunities at IWH IWH commits to actively promoting equal opportunities for men and women, going beyond already existing guidelines. In 2013, 2016, 2019, and again in…
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IWH Bankruptcy Research
IWH Bankruptcy Research The Bankruptcy Research Unit of the Halle Institute for Economic Research (IWH) presents the Institute’s research on the topics of corporate bankruptcy,…
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Do Markets Value Manager-investor Interaction Quality? Evidence from IPO Returns
Shibo Bian, Iftekhar Hasan, Xunxiao Wang, Zhipeng Yan
Review of Quantitative Finance and Accounting,
August
2024
Abstract
This paper investigates the impact of manager-investor interaction quality on stock returns by utilizing an online IPO roadshow dataset and leveraging a word-embedding model. We find that such interactions are positively valued, as reflected in initial returns. The effect is particularly pronounced for firms characterized by higher levels of information asymmetry, greater investor attention, increased question uncertainty, or discussions on topics not covered in prospectus. Additionally, our research reveals that effective management communication leads to increased first-day turnover rates and thus higher returns. These heightened returns persist up to 180 days following the IPO, without displaying a significant long-term reversal associated with interaction quality. These findings underscore the meaningful impact of the quality of manager-investor interactions on firm valuation.
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