Download or read book The Role of Analyst Conference Calls in Capital Markets written by Erik Michel Roelofsen and published by . This book was released on 2010 with total page 172 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The Importance of Analyst Conference Calls in Reducing Information Asymmetry During Mergers Acquisitions Empirical Analysis of the German and Swiss Stock Market written by and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This thesis analyzes the effect of analyst conference calls on stock returns and trading volume during mergers and acquisitions for CDAX- and SPI-listed companies during the ten year period from 2004 to 2013. Applying the Event Study methodology indicates that abnormal returns are significantly lower for transactions with M&A conference calls for both German and Swiss companies. Furthermore, the empirical data provides evidence that abnormal trading volume for German securities is significantly reduced during the ten day period after the event announcement if the M&A transaction is accompanied by a conference call. These results suggest that M&A conference calls are not only frequently convened when a transaction is more complex but they also effectively reduce information asymmetry. Despite their empirically confirmed benefits, a multivariate probit regression demonstrated that up to now the companies' decision to conduct an M&A conference calls is rather unsystematic and mainly driven by the plain factors company and deal size in Germany and Switzerland.

Download or read book Using Investor Relations to Maximize Equity Valuation written by Thomas Ryan and published by John Wiley & Sons. This book was released on 2005-02-18 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: A practical guide to proactive investor relations (IR) Investor relations (IR) has traditionally been an administrative function within corporate communications, responsible for disseminating public information and answering investor and media questions. Using Investor Relations to Maximize Equity Valuation challenges this approach, by arguing that IR has been underutilized and then illustrating how it should be elevated to lead a strategic communications effort to preserve or enhance corporate value and lower a company's cost of capital. Divided into four comprehensive parts, this book clearly describes capital markets strategies and tactical operations that these former, senior-level equity analysts and portfolio managers employ. Chad A. Jacobs (Westport, CT) and Thomas M. Ryan (Westport, CT) are the cofounders and co-CEOs of Integrated Corporate Relations.

Download or read book Capital Markets and Securities FAQs written by and published by Morrison & Foerster LLP. This book was released on with total page 597 pages. Available in PDF, EPUB and Kindle. Book excerpt: FAQs. FAQs (or Frequently Asked Questions), written and published by lawyers at Morrison & Foerster LLP, a leading capital markets firm (www.mofo.com), provides plain English explanations of the most popular types of financing or capital formation transactions, as well as explanations relating to related securities law issues. Written for practitioners, entrepreneurs, start-ups, public companies, investors, bankers and other financial intermediaries, and compliance professionals, FAQs avoids lawyer and banker jargon and provides clear and concise discussions that answer the questions most commonly asked in connection with securities offerings and ongoing securities reporting requirements. You will find discussions about IPOs, Rule 144A, PIPE transactions, Regulation S, Medium-Term Note Programs, Shelf Registration Statements, Foreign Private Issuers and much, much more. The FAQs are organized in a user-friendly way, with a table of contents for each set of FAQs, so you can jump to particular questions (and answers) within a topic area, or search the book to find answers to your questions. For more information about Morrison & Foerster’s Capital Markets Practice, visit www.mofo.com/capital-markets-services/. For more updates, follow Thinkingcapmarkets, our Twitter feed: www.twitter.com/thinkingcapmkts.

Download or read book The Effect of Conference Calls on Analyst and Market Underreaction to Earnings Announcements written by Michael D. Kimbrough and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: I extend prior research on the information content of conference calls by examining whether they accelerate analysts' and investors' responses to the future implications of currently announced earnings. I find that the initiation of conference calls is associated with a significant reduction in the serial correlation in analyst forecast errors, a measure of initial analyst underreaction. I also find that the initiation of conference calls is associated with significant reductions in two measures of initial investor underreaction: (1) post-earnings announcement drift and (2) the proportion of the total market reaction to firms' earnings announcements that is quot;delayedquot; (i.e. that is attributable to post-earnings announcement drift). The reduction in post-earnings announcement drift surrounding conference call initiation is concentrated in the set of sample firms where drift is most severe (i.e. the smallest, least heavily traded sample firms) while the largest, most heavily traded sample firms do not exhibit significant drift either before or after conference call initiation. Robustness tests, including analyses of matched samples of non-conference call firms, indicate that the results are not driven by general increases in analyst and investor sophistication over time or by contemporaneous increases in the information and trading environments of conference call initiators.

Download or read book The Role of Hedge Funds in Our Capital Markets written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities and Investment and published by . This book was released on 2009 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Capital Markets Handbook written by John C. Burch and published by Wolters Kluwer. This book was released on 2005-01-01 with total page 1458 pages. Available in PDF, EPUB and Kindle. Book excerpt: Capital Markets Handbook, Sixth Edition is the definitive desk reference for capital market professionals and a complete resource for anyone working in the financial markets field. Written by seasoned professionals in association with the SIA, Capital Markets Handbook covers the latest developments in major securities legislation, and all aspects of documentation, underwriting, pricing, distribution, settlement, immediate aftermarket trading of new issues, compliance issues, a glossary, a bibliography, and appendices containing the full text of the primary statutes and regulations. The Sixth Edition includes coverage of new developments, including compliance issues such as: New amendments to NASD Rule 2710 ("The Corporate Financing Rule") governing underwriting compensation Updates on PIPE and Registered Direct Transactions Amendments to Rule 10b-18 governing corporate repurchase of equity securities Online Dutch auction procedures in use for the Google, Inc. IPO United Kingdom Financial Service Authority guidance on conflict of interest regarding pricing and allocation issues which have been adopted by one major U.S. investment bank Amendments to Rule 105 Regulation M concerning short selling in connection with public offerings Currency conversion in settlement of a global offering NASD Rule 2790-Restriction on the Purchase and Sale of IPO equity securities NASD IPO Distribution Manager procedures for filing with NASD Corporate Financing Proposed NASD Rule 2712 concerning allocation and distribution of shares in an initial public offering A reorganized compliance chapter in a checklist format designed to ease and enhance CEO and CFO Compliance Certification required by a proposed amendment to NASD Rule 3010 (Supervision) and the adoption of Interpretive Material 3010-1 And more

Download or read book System Markets Indirect Network Effects in Action or Inaction written by Jeroen L.G. Binken and published by Jeroen L.G. Binken. This book was released on 2010-10-01 with total page 195 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book Information Transfer and Conference Calls written by Francois Brochet and published by . This book was released on 2018 with total page 62 pages. Available in PDF, EPUB and Kindle. Book excerpt: A long-standing literature documents the existence of intra-industry capital market co-movements around earnings releases, yet the dynamics of these information transfers remain largely unexplored. We provide evidence on both the sources and the channels of information transfers by separating two distinct events within the reporting window, and by exploring potential mechanisms of information flows. First, we examine the intra-industry information transfer associated with quarterly earnings conference calls, using intra-day data to decouple their effects from those of the associated earnings announcements. We document that the co-movement of absolute and signed stock returns over the conference call windows of announcing firms and their industry peers are statistically and economically larger than the co-movement over the corresponding earnings announcement windows. Turning to mechanisms, we find that shared analyst coverage, coverage by analysts providing industry recommendations, shared institutional ownership, and joint financial press mentions are each individually and incrementally associated with higher rate of information transfer over both the earnings announcement and conference call windows. Additional analyses reveal that information transfer occurs both to peers that have already announced and those that are yet to announce, and that peer mentions and macroeconomic discussions are both significant contributors to the conference call information transfers.

Download or read book Rhetoric in financial discourse written by Belinda Crawford Camiciottoli and published by Rodopi. This book was released on 2013-11-10 with total page 217 pages. Available in PDF, EPUB and Kindle. Book excerpt: Financial disclosure has become a crucial component of corporate communication. Through this process, companies aim to provide information and project an image of trustworthiness in response to on-going ethical concerns in the world of finance. Rhetoric in financial discourse provides new insights into how companies communicate with key stakeholders, not only to boost transparency, but also to attract investment. The book offers an in-depth linguistic analysis of the rhetorical dimension of financial communication. It focuses on two technology-mediated genres which are widely used, yet remain largely unexplored from a rhetorical perspective: earnings presentations and earnings releases. Using an innovative methodological approach, the book shows how corporate speakers and writers use distinctive rhetorical strategies to achieve their professional goals. It includes a practical discussion of how the findings can be exploited to develop state-of-the-art corporate communication courses and to improve the effectiveness of financial disclosure in professional settings. The book contributes to an enhanced understanding of the language of finance, representing a discourse community that involves and impacts the lives of many people around the world. It will be of interest to several communities of practice, including language researchers, discourse analysts, corpus linguists, finance and communication academics, students of business and finance, and professionals of financial communication. Belinda Crawford Camiciottoli is Associate Professor of English Language and Linguistics at the University of Pisa. Her research focuses on business discourse in both academic and corporate settings. She has published in leading journals, including Discourse & Communication, Business Communication Quarterly and English for Specific Purposes. She is the author of The Language of Business Studies Lectures (2007). She has taught business and organizational communication courses for universities based in Italy, the US and the UAE.

Download or read book The Routledge Handbook of Integrated Reporting written by Charl de Villiers and published by Routledge. This book was released on 2020-05-11 with total page 461 pages. Available in PDF, EPUB and Kindle. Book excerpt: This timely handbook provides a current and comprehensive examination of integrated reporting, both practical and research-based. It offers insights and different perspectives from more than 60 authors, including representatives of the International Integrated Reporting Council, Integrated Reporting Committee of South Africa, professional bodies and audit firms, as well as leading academics in the fields of integrated reporting, sustainability reporting and corporate social responsibility. This collected work provides an in-depth review of the development of integrated reporting, with a focus on the interpretation and guidance provided by the International Integrated Reporting Council. It encourages the development of new thinking and research topics in the area of integrated reporting (such as links between integrated reporting and reports focused on financial and corporate social responsibility matters), as well as showcasing how integrated reporting issues are seen and practiced in different parts of the world. The chapters include reviews of the most recent research, practitioner viewpoints, conceptual pieces, case studies and disclosure analyses. Accessible and engaging, this handbook will be an invaluable overview for those new to the field or those who are interested in ensuring they are up to date with its developments, as well as those who are concerned with how to construct an integrated report.

Download or read book Buy Side Analysts and Earnings Conference Calls written by Michael J. Jung and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Companies' earnings conference calls are perceived to be venues for sell-side equity analysts to ask management questions. In this study, we examine another important conference call participant -- the buy-side analyst -- that has been under-explored in the literature due to data limitations. Using a large sample of transcripts, we identify 3,834 buy-side analysts from 701 institutional investment firms who participated (i.e., asked a question) in 13,332 conference calls to examine the determinants and implications of their participation. Buy-side analysts are more likely to participate when sell-side analyst coverage is low and dispersion in sell-side earnings forecasts is high, consistent with buy-side analysts participating when a company's information environment is poor. Institutional investors trade more of a company's stock in the quarters in which their buy-side analysts participate in the call. Finally, we find evidence that buy-side analyst participation is associated with company-level absolute changes in future stock price, trading volume, institutional ownership, and short interest.

Download or read book The Evolution of Corporate Disclosure written by Alessandro Ghio and published by Springer Nature. This book was released on 2020-04-02 with total page 183 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a critical analysis of the evolution of corporate disclosure. Building upon prior academic literature, it assesses the most important changes in mandatory corporate disclosure, the growing relevance of social and environmental disclosure, and revolutionary new forms of corporate communication, in particular social media. It also includes empirical analyses that shed further light on the impact of voluntary communication, i.e. social and environmental reporting and corporate social media communication, on managerial and investment decisions. Lastly, it discusses new directions for accounting and corporate governance research on the theoretical and empirical challenges of corporate disclosure. Offering a wealth of relevant and timely advice, the book will help regulators design policies that allow businesses to overcome current and emerging economic, social, and technological challenges.

Download or read book Tips and Tells from Managers written by Marina Druz and published by . This book was released on 2015 with total page 6 pages. Available in PDF, EPUB and Kindle. Book excerpt: Stock prices react significantly to the tone (negativity of words) managers use on earnings conference calls. This reaction reflects reasonably rational use of information. "Tone surprise" -- the residual when negativity in managerial tone is regressed on the firm's recent economic performance and CEO fixed effects -- predicts future earnings and analyst uncertainty. Prices move more, as hypothesized, in firms where tone surprise predicts more strongly. Experienced analysts respond appropriately in revising their forecasts; inexperienced analysts overreact (underreact) to tone surprises in presentations (answers). Post-call price drift, like post-earnings announcement drift, suggests less-than-full-use of information embedded in managerial tone.

Download or read book Competing for Capital written by Bruce W. Marcus and published by John Wiley & Sons. This book was released on 2005-03-04 with total page 242 pages. Available in PDF, EPUB and Kindle. Book excerpt: Praise for Competing for Capital "An indispensable guide for investor relations and communication counselors alike. With more individual investors in the market than ever before, this book makes navigating the new regulatory playing field much more possible--and makes clear the path to victory." --Michael W. Robinson Director, Levick Strategic Communications; Former Director of Public Affairs and Policy, U.S. Securities and Exchange Commission (SEC); Director of Media Relations, NASD "More than simply writing a textbook on IR, Bruce Marcus shares his wealth of experience and critical viewpoint with those seeking to understand a fast-changing profession." --June Filingeri President of Comm-Partners LLC, Investor Relations Consultant, and Educator "Bruce Marcus puts some solid ground under the shifting landscape of being an investor relations professional. A must-read primer for public companies." --Robert C. Roeper Managing Director, VIMAC Ventures, LLC "As the song lyrics go, 'everything old is new again,' but this time with a vengeance. Disclosure has always been the touchstone of securities laws, but now more disclosure is required on a real-time basis with heightened accountability. Competing for Capital is a must-read for those in the securities industry, providing insights into securities markets, the information age and technology, and their impact on the job of investor relations professionals. Investors come in all shapes and sizes from around the globe, and investor relations personnel have their work cut out for them to provide clear, comprehensible, and comprehensive information, accessible to the novice and sophisticate alike. Competing for Capital shows them the way." --Donna L. Brooks, Esq. Partner, Shipman & Goodwin, LLP "Competing for Capital puts our recent turbulent financial marketplace in context, provides solid information for both new and experienced investor relations practitioners, and offers insights into the future of IR--all in Bruce Marcus's easy-reading style." --Dixie Watterson IR consultant, Communica Partners "Competing for Capital aptly illustrates how investor relations has become a major corporate responsibility in generating trust, and how the profession must realize now more than ever that the needs of investors have changed because of technology, regulation, and globalization." --Mark Kollar Managing Director, Cubitt Jacobs & Prosek

Download or read book The Effects of Conference Call Tones on Market Perceptions of Value Uncertainty written by Paul Borochin and published by . This book was released on 2018 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt: Quarterly earnings conference calls convey fundamental information, as well as manager and analyst opinion about the firm. We examine how market uncertainty regarding firm valuation is affected by conference call tones. Using textual analysis of all publicly available earnings calls (2002-2012) for U.S. firms, we find measures of conference call tones are negatively related to measures of firm value uncertainty from the equity options market. Overall, while value uncertainty is more sensitive to analyst tones than manager tones, differences between analyst and manager tones are strongly associated with increases in value uncertainty. Tone spreads convey important signals to market participants.

Download or read book Corporate Bond Markets in Asia Challenges and Opportunities for Growth Companies written by OECD and published by OECD Publishing. This book was released on 2024-03-12 with total page 85 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report presents a comprehensive analysis of the use and structure of corporate bond markets in Asia.