Say it again Sam: the information content of corporate conference calls

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• 作者：James Cicon
• 关键词：Firm performance ; Valuation ; Capital markets ; Conference calls ; Information content ; Content analysis
• 刊名：Review of Quantitative Finance and Accounting
• 出版年：2017
• 出版时间：January 2017
• 年：2017
• 卷：48
• 期：1
• 页码：57-81
• 全文大小：
• 刊物类别：Business and Economics
• 刊物主题：Corporate Finance; Accounting/Auditing; Econometrics; Operation Research/Decision Theory;
• 出版者：Springer US
• ISSN：1573-7179
• 卷排序：48

文摘

This paper examines information-content of corporate conference calls. It studies the determinants, and the consequences, of information production. To facilitate this study, I develop a novel measure of information-content which analyzes every word choice made by management during both sessions of the call. In a sample of S&P 1500 firms from 2001 to 2012, this new measure of information-content explains cumulative abnormal returns. It shows how CEOs produce (suppress) information during the conference call. It shows how analyst participation in the call improves information production. It shows that a differential value is placed on information conditioned on the market segment of the firm. I contrast the effectiveness of this new measure to that of the conventional methodologies of tone and word-counting. I provide evidence that this new information-content measure is better suited to conference calls than are the other two.