Open versus closed conference calls: the determinants and effects of broadening access to disclosure

• 成果类型: Article; Proceedings Paper
• 署名作者: Bushee, BJ; Matsumoto, DA; Miller, GS
• 署名单位: University of Pennsylvania; University of Washington; University of Washington Seattle; Harvard University
• 刊物名称: JOURNAL OF ACCOUNTING & ECONOMICS
• ISSN/ISSBN: 0165-4101
• DOI: 10.1016/S0165-4101(02)00073-3
• 发表日期: 2003
• 关键词: CORPORATE DISCLOSURE; trading volume; earnings; CONSEQUENCES; investors; price; MODEL

摘要

Recent advances in information technology allow firms to provide broader access to their disclosures. We examine the determinants and effects of the decision to provide unlimited real-time access to conference calls (i.e., open conference calls). Our evidence suggests that the decision to provide open calls is associated with the composition of a firm's investor base and, to some degree, the complexity of its financial information. We also find that open calls are associated with a greater increase in small trades (consistent with individuals trading on information released during the call) and higher price volatility during the call period. (C) 2002 Elsevier Science B.V. All rights reserved.