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Conference Call Tone and Stock Returns: Evidence from the Stock Exchange of Hong Kong
S. McKay Price,Paul Brockman,Xu Li 한국증권학회 2017 Asia-Pacific Journal of Financial Studies Vol.47 No.5
We investigate market reactions to manager and analyst tones during earnings conference calls using company transcripts from the Stock Exchange of Hong Kong (SEHK). This is the first study to examine the role of conference call tones outside of a US setting. Consistent with previous US-based results, we find that positive tones lead to higher stock returns. In contrast to US-based results, we show that investors place more emphasis on managerial tones than on analyst tones. We also find that stock market reactions to conference call tones are stronger for firms with a sophisticated investor base.
HYPER SUPRIME-CAMERA SURVEY OF THE AKARI NEP WIDE FIELD
Tomotsugu Goto,Yoshiki Toba,Yousuke Utsumi,Nagisa Oi,Toshinobu Takagi,Matt Malkan,Youichi Ohayma,Kazumi Murata,Paul Price,Marios Karouzos,Hideo Matsuhara,TAKAO NAKAGAWA,Takehiko Wada,Steve Serjeant,De 한국천문학회 2017 天文學論叢 Vol.32 No.1
The extragalactic background suggests half the energy generated by stars was reprocessed into the infrared (IR) by dust. At z$\sim$1.3, 90\% of star formation is obscured by dust. To fully understand the cosmic star formation history, it is critical to investigate infrared emission. AKARI has made deep mid-IR observation using its continuous 9-band filters in the NEP field (5.4 deg$^2$), using $\sim$10\% of the entire pointed observations available throughout its lifetime. However, there remain 11,000 AKARI infrared sources undetected with the previous CFHT/Megacam imaging ($r\sim$25.9ABmag). Redshift and IR luminosity of these sources are unknown. These sources may contribute significantly to the cosmic star-formation rate density (CSFRD). For example, if they all lie at 1$<z<$2, the CSFRD will be twice as high at the epoch. We are carrying out deep imaging of the NEP field in 5 broad bands ($g,r,i,z,$ and $y$) using Hyper Suprime-Camera (HSC), which has 1.5 deg field of view in diameter on Subaru 8m telescope. This will provide photometric redshift information, and thereby IR luminosity for the previously-undetected 11,000 faint AKARI IR sources. Combined with AKARI's mid-IR AGN/SF diagnosis, and accurate mid-IR luminosity measurement, this will allow a complete census of cosmic star-formation/AGN accretion history obscured by dust.