Using a manually collected database of Shenzhen Stock Exchange listed firms from 2013 to 2015, we examine the key characteristics of firms’ private meetings and their effects on analysts’ reports. We show that the presence of managers, a smaller number of meeting participants, and discussing questions in more categories are associated with more accurate and less optimistic short-term forecasts during the hosting periods following the meeting. Our results suggest that private and small group conversations between managers and analysts can be significant information channels in these meetings. In particular, we show that the short-term earnings forecast is more accurate and less optimistic during hosting periods after these meetings in general, but recommendations are still biased upwardly. These results are robust regardless of whether the analyst attend meetings or whether the meeting is hold onsite, providing further evidence that private conversations with managers may be a more effective information channel than observing firms’ operations during site visits.

使用人工收集的 2013 年至 2015 年深圳证券交易所上市公司数据库，我们研究了公司非公开会议的关键特征及其对分析师报告的影响。我们表明，在会议结束后的主持期间，管理人员的存在、更少的会议参与者以及更多类别的讨论问题与更准确和更不乐观的短期预测相关。我们的结果表明，经理和分析师之间的私人和小组对话可能是这些会议中重要的信息渠道。特别是，我们表明，在这些会议之后的主办期间，短期盈利预测总体上更加准确且不太乐观，但建议仍然偏向于上行。