Does Silence Speak? An Empirical Analysis of Disclosure Choices During Conference Calls

Stephan Hollander · Maarten Pronk · Erik Roelofsen

373 citations0/0 files storedJournal of Accounting Research

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Auditing, Earnings Management, Governance Financial Markets and Investment Strategies Corporate Finance and Governance

Abstract

ABSTRACT In this paper, we exploit the open nature of conference calls to explore whether managers withhold information from the investing public. Our evidence suggests that managers regularly leave participants on the conference call in the dark by not answering their questions. We find that the best predictors of such an event are firm size, a CEO's stock price–based incentives, company age, firm performance, litigation risk, and whether analysts are actively involved during the call's Q&A section. Finally, we document strong support for the assumption maintained in the literature that investors interpret silence negatively. That is, investors seem to interpret no news as bad news.

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References

2008Estimating Standard Errors in Finance Panel Data Sets: Comparing Approaches 2001Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature 1968An Empirical Evaluation of Accounting Income Numbers 2005The economic implications of corporate financial reporting 1987A Simple Model of Capital Market Equilibrium with Incomplete Information 1991Disclosure, Liquidity, and the Cost of Capital 1983Discretionary disclosure 1981Good News and Bad News: Representation Theorems and Applications

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