Fixed Income Conference Calls

55 Pages Posted: 13 Jun 2022 Last revised: 31 May 2023

See all articles by Gus De Franco

Gus De Franco

Purdue University

Thomas Shohfi

U.S. Securities and Exchange Commission

Da Xu

Tsinghua University, School of Economics and Management

Vivi Zhu

Tulane University; Southern Methodist University (SMU)

Date Written: June 6, 2022


We study the determinants and the informational role of firms’ fixed income conference calls, a unique form of voluntary disclosure that deviates from the traditional multi-purpose firm disclosures intended for all stakeholders. We find that fixed income calls are more likely to be held by firms that have more debt, lack credit ratings or have publicly traded equity, are foreign, or are experiencing losses. In a content analysis using a sample of public firms, we find that these calls discuss debt-equity conflict events, such as share repurchases, to a greater degree relative to a matched sample of earnings conference calls. Finally, we document that credit markets react to these calls, consistent with the calls providing investors new information. Overall, these results are consistent with fixed income calls meeting the differential informational demands of debt versus equity investors.

Keywords: bond market reaction,bond volume,conference calls,corporate bonds,corporate debt,debt-equity conflict events,debt investors,fixed income

JEL Classification: G12,G14,G32,M49

Suggested Citation

De Franco, Gus and Shohfi, Thomas and Xu, Da and Zhu, Zhiwei, Fixed Income Conference Calls (June 6, 2022). Journal of Accounting & Economics (JAE), Vol. 75, No. 1, 101518 (2023), Available at SSRN:

Gus De Franco

Purdue University ( email )

610 Purdue Mall
West Lafayette, IN 47907
United States

Thomas Shohfi (Contact Author)

U.S. Securities and Exchange Commission ( email )

Washington, DC
United States


Da Xu

Tsinghua University, School of Economics and Management ( email )

Haidian District, Beijing, China
Beijing, Beijing 100084


Zhiwei Zhu

Tulane University ( email )

6823 Saint Charles Avenue
New Orleans, LA
United States

Southern Methodist University (SMU) ( email )

6212 Bishop Blvd.
Dallas, TX 75275
United States

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