| Summary: | 碩士 === 國立中正大學 === 會計與資訊科技研究所 === 103 === Recently, there were more and more company communicating with investors through holding a conference call. In order to improve companies’ information instantaneity and information transparency, conference call can reduce information asymmetry to general investors. Taiwan Financial Supervisory Commission (FSC) required that company need to provide audiovisual records to the platform for public when the company hold the conference call after June 2013.
In this study, we find that longer presentation time and CEO presentation time in the conference call will have negative cumulative abnormal return (CAR). On the other hand much longer question and answer (Q&A) time in the conference call will have positive CAR. We also find that the more numbers of positive words, positive ratio of tone, difference numbers between positive and negative words used in the conference call will have positive CAR .In addition, we also find that more question had been asked in the conference call will have negative CAR. However, the others conference call trait variable are not significantly correlated with CAR.
In this study, we provide evidence whether the audiovisual record of conference call have information content. We find that general investors are able to get more information through audiovisual record of conference call; the market reaction will be reflected on the stock price
In addition, in this study we provide evidence that FSC required that company need to provide audiovisual records to the platform for public. Indeed, general investors are able to get more information, in addition Taiwan Stock Exchange disclosure standards, also improved this policy can reduce information asymmetry to general investors and provide general investors more information to make better investment decision.
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