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The Benefits of Access: Evidence From Private Meetings with Portfolio Firms

Marco Becht et al.

The Journal of Finance2026https://doi.org/10.1111/jofi.13495preprint
FT50UTD24AJG 4*ABDC A*
Weight
0.50

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.

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https://doi.org/https://doi.org/10.1111/jofi.13495

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@article{marco2026,
  title        = {{The Benefits of Access: Evidence From Private Meetings with Portfolio Firms}},
  author       = {Marco Becht et al.},
  journal      = {The Journal of Finance},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.1111/jofi.13495},
}

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The Benefits of Access: Evidence From Private Meetings with Portfolio Firms

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.