A Survey on the Dissemination of Earnings Information by Large Firms

8 Pages Posted: 10 Jan 2005

Abstract

Studies of quarterly earnings announcements by firms typically focus on the quality of the announcement or the financial impact of the announcement. Few studies focus on the method and timing of announcements of quarterly earnings, a question of increased interest since the enactment of the SEC's Regulation Fair Disclosure (Regulation FD). Regulation FD requires that material information about a company be disseminated widely and simultaneously to the public. A survey of the Fortune 500 firms to investigate how they communicate quarterly earnings data to the investment community both before and after Regulation FD indicates that most respondents have broadened their use of conference calls. Post-Regulation FD, a significant majority of Fortune 500 companies seek to reach a wider audience by broadcasting their calls via both telephone and Internet; telephone had been the primary medium before Regulation FD. While more firm members participate in conference calls, and rebroadcasts of the calls are more available outside the firm, access to the post-call question-and-answer period remains restricted.

JEL Classification: D21, D23

Suggested Citation

Jorgensen, Randy D. and Wingender, John R., A Survey on the Dissemination of Earnings Information by Large Firms. Available at SSRN: https://ssrn.com/abstract=561007

Randy D. Jorgensen (Contact Author)

Creighton University ( email )

2500 California Plaza
College of Business
Omaha, NE 68178
United States

John R. Wingender

Creighton University ( email )

2500 California Plaza
Omaha, NE 68178
United States

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