Information content of holding investor conferences: the case of Taiwan’s semiconductor supply chain

Investor conference has been adapted from conference call but allows substantial managerial controllability over its timing and disclosures during the meeting. The announcement of holding such a meeting is posited to have information content. We examine investors’ positive prospect utilizing the announcements during growth period of Taiwanese semiconductor supply chain (TSSC). TSSC’s disintegration into upstream, midstream, and downstream firms further allows tests for information transfer vertically among three subgroups. We find supportive evidence that all three subgroups show significantly positive cumulative abnormal returns surrounding the upstream firm’s announcement of an upcoming investor conference. Notably, the spillover effect is stronger for industry peers with shorter vertical distance to the announcing firm.