Do conference calls facilitate market price discovery? Evidence from Taiwan
博士 === 國立中央大學 === 企業管理學系 === 105 === This study examines whether conference calls accelerate the speed at which the market and analysts understand the implications of the accrual components of current earnings on future earnings. Using Taiwan’s listed firms from 2001 through 2014, we find that: (1)...
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| Format: | Others |
| Language: | en_US |
| Published: |
2016
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| Online Access: | http://ndltd.ncl.edu.tw/handle/564cm7 |
| Summary: | 博士 === 國立中央大學 === 企業管理學系 === 105 === This study examines whether conference calls accelerate the speed at which the market and analysts understand the implications of the accrual components of current earnings on future earnings. Using Taiwan’s listed firms from 2001 through 2014, we find that: (1) delayed market reactions to earnings news over the next 12 months are smaller for firms hosting conference calls; and (2) conference calls are associated with a significant improvement in the accuracy of analysts’ earnings forecasts. Our results provide evidence that conference calls improve the efficacy of investors’ and analysts’ reactions to earnings announcements by conveying information on the accrual components of reported earnings.
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