| Summary: | 碩士 === 國立臺北大學 === 會計學系 === 90 === In recent years, the listed companies in Taiwan frequently hold conference call to communicate with investors. However, the academic community didn’t pay much attention to this theme. Therefore, This study examines the information content of conference and the incentives or characteristics of management to hold conference calls. The purpose is to understand the economical implication of the conference calls and to improve the quality of investor’s decision.
In this study, the event study is used to test the information content of conference calls. The sample contains 462 observations during 1996 to 2000. If the conference call has the additional information content, the market will exist the abnormal return. Additionally, because many listed companies in Taiwan usually hold conference calls twice or more in the same year, it may lose much information by using Logit or Probit model to analysis the incentives of management to hold conference calls. According to the characteristic of data in Taiwan, the Poisson Regression Model is used to examine the holding characteristics of listed companies in Taiwan. The sample containing 1370 observations is selected from TEJ Database during 1997 to 2000.
The empirical results demonstrate that the conference call certainly send information to investor. And this phenomenon begins before the conference calls, which indicates that market has already anticipated the news of conference calls. Moreover, the listed companies that hold conference calls tend to relatively larger, more profitable, higher sale growth, earnings containing unusual items, access the capital markets more often than other firms, larger insider holding and corporation investors’ holding.
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