دانلود مقاله ISI انگلیسی شماره 101005
کد مقاله سال انتشار مقاله انگلیسی ترجمه فارسی تعداد کلمات
101005 2018 23 صفحه PDF سفارش دهید 16274 کلمه
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عنوان انگلیسی
Do conference calls facilitate market price discovery? Evidence from Taiwan
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Contemporary Accounting & Economics, Volume 14, Issue 1, April 2018, Pages 103-125

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چکیده انگلیسی

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. We analyze Taiwan’s listed firms from 2001 through 2014 and find that (1) delayed market reactions to earnings news during the following 12 months occur less often for firms than for host conference calls, and (2) conference calls are associated with a significant improvement in the accuracy of analysts’ earnings forecasts. One possible explanation for our results is that conference calls improve the efficacy of investors’ and analysts’ reactions to earnings announcements by conveying information regarding the accrual components of reported earnings. Our results have implications for other Asian economies that have relatively opaque information environments and weak shareholder protections.

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