Conference Calls and Information Asymmetry

By Stephen J. Brown, Stephen A. Hillegeist, Kin Lo. 2004

445 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/58d3a0f1e0c7263d369056b739fdf50360b96f64

How researchers see this paper

The researchers whose trusted networks rank it highest, strongest advocate first. Every researcher gets a different order.

In Accounting

In Finance

Citations in the corpus

Do Family Firms Provide More or Less Voluntary Disclosure (2008, result): “Empirical evidence is generally consistent with these theoretical predictions (e.g., Botosan 1997; Healy, Hutton, and Palepu 1999; Brown et al. 2004).”
Financial Reporting Frequency, Information Asymmetry, and the Cost of Equity (2012, unknown): “Prior literature (e.g., Leuz and Verrechia, 2000; Brown et al., 2005) argue that information asymmetry/cost of equity effect is more significant for the commitment to disclose than for a one-time change in firms’ disclosure practices.”
Disclosure Measurement in the Empirical Accounting Literature - A Review Article (2010, background): “Some studies explicitly test whether the disclosure proxy is validly constructed; e.g., Botosan, 1997; Hail, 2002; Hope, 2003a; Brown et al., 2004.”
Analyst Coverage and the Cost of Raising Equity Capital: Evidence from Underpricing of Seasoned Equity Offerings (2008, background): “3 For example, Coller and Yohn (1997), Brown et al. (2004), and others investigate the impact of management forecasts and conference calls; Botosan (1997), Healy et al. (1999), and others study the impact of disclosure quality.”
On the Use of Instrumental Variables in Accounting Research (2010, background): “Moreover, prior literature argues that a commitment to disclosure rather than a one-time improvement in disclosure is what drives the cost of capital effect (e.g. Brown, Hillegeist, and Lo (2004)).”
Earnings conference calls and stock returns: The incremental informativeness of textual tone (2012, unknown): “We recognize that releasing information publicly through conference call disclosures may preempt some future private information events, which potentially reduces information asymmetry between investors (Brown et al., 2004).”
Deviations from Put-Call Parity and Stock Return Predictability (2010, unknown): “…bid-ask spread in puts, and the Amihud (2002) illiquidity ratio, which is the average ratio of absolute return to volume, and corresponds loosely to a Kyle (1985) lambda.15 The t-statistics that we report employ a 14 This is an updated version of the data used in Brown, Hillegeist, and Lo (2004).”
The effect of earnings surprises on information asymmetry (2009, unknown): “We expect changes in informed trading resulting from changes in uninformed trading to be less than fully proportional, as shown in Brown et al. (2004), perhaps due to risk aversion and/or capital constraints.”
Can Investors Detect Managers' Lack of Spontaneity? Adherence to Predetermined Scripts during Earnings Conference Calls (2016, unknown): “…in analyst forecast accuracy following the call (Bowen et al. 2002), more timely incorporation of earnings news into prices for firms initiating conference calls (Kimbrough 2005), and a reduction in information asymmetry for firms holding regular quarterly calls (Brown, Hillegeist, and Lo 2004).”
The Effect of Reporting Frequency on the Timeliness of Earnings: The Cases of Voluntary and Mandatory Interim Reports (2007, unknown): “, 2002), and reduces information asymmetry (Welker, 1995; Healy et al., 1999; Brown et al., 2005).”
Private Earnings Guidance and its Implications for Disclosure Regulation (2007, background): “Table 4 shows that of the pre-FD private disclosers that enter the post-FD period, 150 (44 percent) firms become post-FD new public disclosers and 191 (56 percent) become 30 See Easley et al. (1997), Easley et al. (1998), and Brown et al. (2004) for details about PIN estimation.”
Evidence of Management Discrimination Among Analysts during Earnings Conference Calls (2008, background): “Brown et al. (2005) documents a dramatic increase in earnings conference calls since Regulation FD.”