Voluntary Disclosure to Influence Investor Reactions to Merger Announcements: An Examination of Conference Calls

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The Pre-Deal Phase of Mergers and Acquisitions: A Review and Research Agenda (2020, background): “…have found that acquirers are more likely to arrange conference calls to ensure that investors fully understand the motives and terms of the deal in deals financed by stock because the costs of a stock-based deal are directly tied to the value of the acquirer’s stock (Kimbrough & Louis, 2011).”
Common Auditors in M&A Transactions (2016, unknown): “For example, we observe a negative correlation between acquirer size and announcement returns (Kimbrough and Louis, 2011; Golubov et al., 2012), acquisitions with greater relative deal size have higher announcement returns (Louis and Sun, 2010), highly stock-financed deals are associated with”
Corporate Use of Social Media (2015, background): “In fact, research on conference calls often focuses on how management strategically uses the venue to put a positive spin on the firm’s performance (e.g., Mayew, 2008; Kimbrough and Louis 2011; Hobson, Mayew, and Venkatachalam 2012; Larcker and Zakolyukina 2012).”
The clock is ticking! Executive temporal depth, industry velocity, and competitive aggressiveness (2016, background): “K forms and executive conference calls with analysts (Kimbrough and Louis, 2011).”