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


  • Afshad Irani



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

Suggested Citation

  • Afshad Irani, 2004. "The Effect of Regulation Fair Disclosure on the Relevance of Conference Calls to Financial Analysts," Review of Quantitative Finance and Accounting, Springer, vol. 22(1), pages 15-28, January.
  • Handle: RePEc:kap:rqfnac:v:22:y:2004:i:1:p:15-28
    DOI: 10.1023/B:REQU.0000006184.02165.c5

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    Cited by:

    1. Li Eng & Joohyung Ha & Sandeep Nabar, 2014. "The impact of regulation FD on the information environment: evidence from the stock market response to stock split announcements," Review of Quantitative Finance and Accounting, Springer, vol. 43(4), pages 829-853, November.
    2. Hueiling Chen & Cheng-Tsu Huang & Hsiou-Wei W. Lin, 2016. "Changes in analyst following for less covered firms accompanying Regulation Fair Disclosure: the roles of ability and industry experience," Review of Quantitative Finance and Accounting, Springer, vol. 46(3), pages 519-541, April.
    3. 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.
    4. James Cicon, 2017. "Say it again Sam: the information content of corporate conference calls," Review of Quantitative Finance and Accounting, Springer, vol. 48(1), pages 57-81, January.
    5. 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.
    6. Liu, Zhen, 2006. "Fair Disclosure and Investor Asymmetric Awareness in Stock Markets," MPRA Paper 917, University Library of Munich, Germany.
    7. 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.


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