Review of Quantitative Finance and Accounting

, Volume 22, Issue 1, pp 15–28 | Cite as

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

  • Afshad J. 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.

regulation fair disclosure conference calls selective disclosure forecast accuracy forecast consensus 


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Copyright information

© Kluwer Academic Publishers 2004

Authors and Affiliations

  • Afshad J. Irani
    • 1
  1. 1.Whittemore School of Business and EconomicsUniversity of New HampshireDurhamUSA Tel.:

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