Year: 2026
Type: article
Abstract: ABSTRACT We use large language models to analyze the content of 4,700 private meetings between a large active asset manager and its portfolio firms. The high‐level meetings convey mostly soft information about the firm, and little about industry or market. Fund manager meetings focus on business models and financial metrics, while governance specialist meetings focus on environmental, social, and governance risks; 0.4% of meetings discuss material nonpublic information. Trades by fund managers increase with meetings attended by senior management, rated as unusually good or bad, where the tone is significantly positive or negative, or assessed as creating consensus. Meeting‐informed portfolios can generate significant outperformance.
Source: The Journal of Finance
DOI: 10.1111/jofi.13495
Authors: MARCO BECHT, JULIAN FRANKS, HANNES F. WAGNER
Institutions: Université Libre de Bruxelles, Bocconi University
Language: English
Subfield: Finance
Domain: Social Sciences
Open Access status: hybrid
Estimated APC paid: $4,430
OpenAlex ID: W3188750664