Abstract

Citations (8)

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

Afshad J. Irani
University of New Hampshire - Department of Accounting & Finance

Review of Quantitative Finance and Accounting, Vol. 22, No. 1

Abstract:
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.

Keywords: regulation fair disclosure, conference calls, selective disclosure, forecast accuracy, forecast consensus

JEL Classifications: G10, G29, G38, M41, M45

Accepted Paper Series

Date posted: September 22, 2003 ; Last revised: September 30, 2003

Suggested Citation

Irani, Afshad J., The Effect of Regulation Fair Disclosure on the Relevance of Conference Calls to Financial Analysts. Review of Quantitative Finance and Accounting, Vol. 22, No. 1. Available at SSRN: http://ssrn.com/abstract=442440

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Contact Information

Afshad Jeevan Irani (Contact Author)

University of New Hampshire - Department of Accounting & Finance ( email )

Durham, NH 03824
United States
603-862-3342 (Phone)
603-862-3383 (Fax)