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The Effect of Regulation Fair Disclosure on the Relevance of Conference Calls to Financial Analysts

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  • Afshad Irani

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    Abstract

    This study examines the effect of Regulation Fair Disclosure (FD) on the relevance of company-sponsored conference calls. Measuring relevance by a conference call's ability to improve analyst forecast accuracy and consensus, I find larger improvements in both variables during the period surrounding conference calls in the post-FD era versus the pre-FD era. These findings imply that in the post-FD era relatively more about a firm's upcoming earnings becomes known during conference calls, consistent with FD's success in eliminating selective disclosure. Copyright Kluwer Academic Publishers 2004

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    File URL: http://hdl.handle.net/10.1023/B:REQU.0000006184.02165.c5
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    Bibliographic Info

    Article provided by Springer in its journal Review of Quantitative Finance and Accounting.

    Volume (Year): 22 (2004)
    Issue (Month): 1 (January)
    Pages: 15-28

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    Handle: RePEc:kap:rqfnac:v:22:y:2004:i:1:p:15-28

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    Web page: http://springerlink.metapress.com/link.asp?id=102990

    Related research

    Keywords: regulation fair disclosure; conference calls; selective disclosure; forecast accuracy; forecast consensus;

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    Cited by:
    1. Price, S. McKay & Doran, James S. & Peterson, David R. & Bliss, Barbara A., 2012. "Earnings conference calls and stock returns: The incremental informativeness of textual tone," Journal of Banking & Finance, Elsevier, vol. 36(4), pages 992-1011.
    2. Liu, Zhen, 2006. "Fair Disclosure and Investor Asymmetric Awareness in Stock Markets," MPRA Paper 917, University Library of Munich, Germany.
    3. James Doran & David Peterson & S. Price, 2012. "Earnings Conference Call Content and Stock Price: The Case of REITs," The Journal of Real Estate Finance and Economics, Springer, vol. 45(2), pages 402-434, August.
    4. Tim Eaton & John Nofsinger & Daniel Weaver, 2007. "Disclosure and the cost of equity in international cross-listing," Review of Quantitative Finance and Accounting, Springer, vol. 29(1), pages 1-24, July.

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