Conference Calls: an Empirical Analysis of Information Content and the Type of Disclosed News

• Main Authors: Nadia Cardoso Moreira, Felipe Ramos, Juliana Kozak-Rogo, Rafael Rogo
• Format: Article
• Language: English
• Published: FUCAPE Business School 2016-01-01
• Series: BBR: Brazilian Business Review
• Subjects: information content; voluntary disclosure; conference calls; good and bad news; prsistence
• Online Access: http://www.redalyc.org/articulo.oa?id=123048011006

This article analyzes whether the type of news and the earnings persistence influence the amount of in formation that is voluntarily disclosed by the companies. As a proxy for voluntary disclosure we use the information content of the conference calls of the companies listed on the BM&F Bovespa from 2008 to 2015. The results indicate that the companies with bad news provide more information during the conference call (presentation section and questions & answers section) than the companies with good news. Moreover, were found evidence that the companies with less persistent positive earnings provide a larger amount of information than the companies with more persistent positive earnings. Regarding companies with negative earnings we did not find any relation between persistence and the informational content.