Abstract

http://ssrn.com/abstract=1480448
 
 

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Conference Presentations and the Disclosure Milieu


Brian J. Bushee


University of Pennsylvania - The Wharton School

Michael J. Jung


New York University - Leonard N. Stern School of Business

Gregory S. Miller


The Stephen M. Ross School of Business at the University of Michigan

August 10, 2011

Journal of Accounting Research, Vol. 49, No. 5, 2011

Abstract:     
Conference presentations differ from other voluntary disclosures in that the audience for the disclosure is co-located with managers in a well-defined physical and social setting, or “disclosure milieu.” The milieu affects the degree to which conference participants can update their prior beliefs about the firm with information signals obtained through interactions with management and other informed participants. While the average abnormal stock return and volume reactions to presentations are positive, there is a great deal of cross-sectional variation as indicated by negative median reactions. We find that conference characteristics that determine the nature of the audience and its interactions, such as sponsor, location, size, and industry-focus, are significantly associated with the market reaction, consistent with the disclosure milieu explaining the cross-sectional variation in the information content of the presentation. We also find that conference characteristics explain changes in subsequent analyst and institutional investor following, consistent with the disclosure milieu creating differences in access to management by potential new investors and analysts.

Number of Pages in PDF File: 44

Keywords: Voluntary Disclosure, Conference Presentations, Managerial Presentations, Investor Conferences, Brokerage Conferences

JEL Classification: M41

Accepted Paper Series


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Date posted: September 29, 2009 ; Last revised: October 16, 2013

Suggested Citation

Bushee, Brian J. and Jung, Michael J. and Miller, Gregory S., Conference Presentations and the Disclosure Milieu (August 10, 2011). Journal of Accounting Research, Vol. 49, No. 5, 2011. Available at SSRN: http://ssrn.com/abstract=1480448

Contact Information

Brian J. Bushee (Contact Author)
University of Pennsylvania - The Wharton School ( email )
3641 Locust Walk
Philadelphia, PA 19104-6365
United States
215-898-4872 (Phone)
215-573-2054 (Fax)

Michael J. Jung
New York University - Leonard N. Stern School of Business ( email )
44 West 4th Street
New York, NY NY 10012
United States
212-998-0193 (Phone)

Gregory S. Miller
The Stephen M. Ross School of Business at the University of Michigan ( email )
701 Tappan Street
Ann Arbor, MI MI 48109
United States
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