Just over six in 10 companies held virtual roadshows in the year from Q3 2020 to Q3 2021, almost nine times the number that went on in-person roadshows during the same period.
Asian firms were less likely to hold virtual roadshows than North American or European companies, with fewer than half having done so in this time.
There is no sizable difference in the likelihood of having held virtual roadshows according to cap size. Small-cap companies are the most likely to have held a virtual roadshow, with nearly two thirds having done so this past year. Large-cap companies are the next most likely, while mid-caps are the least likely, with just over half (55 percent) holding virtual roadshows during this period.
Companies hosting virtual roadshows typically held just under seven such events over the course of 12 months from Q3 2020 to Q3 2021. This means the average number of virtual roadshows for all companies was 4.2, 21 times the number of in-person roadshows held over the same period.
European companies held the greatest number of virtual roadshows. The typical virtual roadshow program for North American companies is lighter than Asian companies by half a roadshow. But because a greater percentage of North American companies hold virtual roadshows in the first place, the average figure for all companies is higher in North America than in Asia (4.5 compared with 3.5).
Mega-cap company roadshow programs were four times the size of small-cap programs over this time, with mega-caps hosting an average of 11 more virtual roadshows than large-cap companies.
Companies that held virtual roadshows during the year Q3 2020 to Q3 2021 spent an average of just under 13 days on them. European companies spent more time on virtual roadshows than North American or Asian companies.
On average, mega-cap companies spent more than seven more days on roadshows than small-cap companies, but individual small-cap virtual roadshows were typically longer. While mega-cap cap companies held numerous day-long virtual roadshows, small-cap companies typically dedicated just under two and half days to each of their virtual roadshows.
A member of senior management was in attendance at 83 percent of virtual roadshows held between Q3 2020 and Q3 2021. This is a considerably higher attendance level than for in-person roadshows over the same time period and is slightly higher than the level of attendance by senior management at pre-pandemic in-person roadshows.
Senior management attendance at virtual roadshows is higher among North American companies than European or Asian companies. According to company size, the level of senior management attendance decreases as cap size increases. Just over two thirds of virtual roadshows held by mega-cap companies were attended by a member of senior management, while key management figures were present at 96 percent of small-cap virtual roadshows.
