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AbstractResearch Question/IssueThis paper investigates whether the communication between managers and corporate site visitors facilitates managerial learning in improving management forecast accuracy.Research Findings/InsightsUsing corporate site visit (CSV) data from 2009 to 2016, we find that the frequency of corporate site visits is positively related to management forecast accuracy. The positive relationship between corporate site visits and forecast accuracy is stronger when visitors have greater expertise and advanced industry knowledge and when firms are visited during a period of high business uncertainty and are subject to high sensitivity to industry shocks. These findings are consistent with the managerial learning hypothesis. Our results are robust to endogeneity concerns and alternative CSV measures.Theoretical/Academic ImplicationsPrevious literature on voluntary disclosure assumes that managers are endowed with a private set of information and decide how much of that to reveal. In this paper, we find that corporate site visits serve as a communication channel through which managers learn from investors. Overall, we provide evidence that private communication is a two‐way channel through which visitors learn useful information from managers and vice versa.Practitioner/Policy ImplicationsWe provide evidence that the private information acquisition process is also a channel of information sharing that increases management forecast accuracy. Our results could be useful to policymakers who may care about the information acquisition cost of investors when evaluating the benefit of corporate site visits.

Previous research describes significant benefits from coworker familiarity but has largely assumed proximity and that familiarity accrues simply with the passage of time. Based on a qualitative study of 164 workers on globally distributed teams, we propose that relationships transform as a result of situated coworker familiarity established when people are collocated in a shared space for an extended period of time. Site visits play a pivotal role in enabling coworkers to become more familiar with one another's communication and work styles, capabilities and interests, personalities, work and social roles, and the cultural context in which they are embedded, thus transforming their relationships. After returning home, situated familiarity fosters behaviors reflecting closer ties, which then reinforce those bonds, suggesting that the situated nature of site visits transforms work relationships between distant coworkers in enduring ways. We contribute grounded theory about how situated coworker familiarity comes about and how coworker relationships transform as a result, particularly when workers spend most of their time apart.

This document is the third annex of 'Breaking the holding pattern : a new approach to aviation policymaking in the UK'. ; This annex outlines the results of the Sustainable Development Commission and Institute for Public Policy Research stakeholder assessment events on 12th December, 30th January and 28th February, in addition to case studies from the aviation visits. ; Publisher PDF