The Effect of Regulation Fair Disclosure on the Relevance of Conference Calls to Financial Analysts
- Afshad J. Irani
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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.
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- The Effect of Regulation Fair Disclosure on the Relevance of Conference Calls to Financial Analysts
Review of Quantitative Finance and Accounting
Volume 22, Issue 1 , pp 15-28
- Cover Date
- Print ISSN
- Online ISSN
- Kluwer Academic Publishers
- Additional Links
- regulation fair disclosure
- conference calls
- selective disclosure
- forecast accuracy
- forecast consensus
- Industry Sectors
- Afshad J. Irani (1)
- Author Affiliations
- 1. Whittemore School of Business and Economics, University of New Hampshire, 15 College Road, Durham, NH, 03824, USA Tel.: