Open versus closed conference calls: the determinants and effects of broadening access to disclosure

Recent advances in information technology allow firms to provide broader access to their disclosures. We examine the determinants and effects of the decision to provide unlimited real-time access to conference calls (i.e., “open” conference calls). Our evidence suggests that the decision to provide...

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Bibliographic Details
Published in:Journal of accounting & economics 2003, Vol.34 (1), p.149-180
Main Authors: Bushee, Brian J., Matsumoto, Dawn A., Miller, Gregory S.
Format: Article
Language:English
Subjects:
Accounting
Conference call
Corporate disclosure
Disclosure
Economics
Enterprises
Information technology
Institutional investor
Investors
Price volatility
Securities trading
Selective disclosure
Statistical analysis
Stock prices
Studies
Telecommunications
Volatility
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Summary:Recent advances in information technology allow firms to provide broader access to their disclosures. We examine the determinants and effects of the decision to provide unlimited real-time access to conference calls (i.e., “open” conference calls). Our evidence suggests that the decision to provide open calls is associated with the composition of a firm's investor base and, to some degree, the complexity of its financial information. We also find that open calls are associated with a greater increase in small trades (consistent with individuals trading on information released during the call) and higher price volatility during the call period.
ISSN:0165-4101
1879-1980
DOI:10.1016/S0165-4101(02)00073-3