Download or read book The SEC Review of Earnings Conference Calls written by Alina Lerman and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Securities and Exchange Commission (SEC) reviews companies' mandatory filings and issues comment letters to ensure compliance with applicable financial reporting requirements. We explore the nature, determinants, and consequences of SEC comment letters that refer to information disclosed in voluntary earnings conference calls. First, we provide a rich descriptive analysis of the subject and format of conference call disclosures targeted by the SEC. Next, we document that conference call comment letters are more likely when filing reviews are more complex and conference calls are informative; these comment letters are less likely when SEC staff are resource-constrained. We find that factors associated with overall regulatory scrutiny and firm visibility are not strong drivers of SEC attention to conference calls. In terms of consequences, we find that comment letters referencing calls are associated with higher-quality reviews, and we observe higher remediation costs for these letters. Finally, we show that relative to the typical filing review process, SEC use of conference call disclosures leads to more changes in firms' future mandatory disclosures along with an increase in overall information asymmetry.
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 An Investigation of Analysts Praise of Management During Earnings Conference Calls written by Jonathan A. Milian and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Through the textual analysis of a large sample of earnings conference calls, the authors find that analysts praise management on over half of earnings conference calls by saying complimentary phrases such as “congratulations on the great quarter.” The results show that analysts' complimentary phrases reflect the nature of the information released at the earnings announcement. The authors find that the amount of praise by analysts on an earnings conference call is strongly associated with the earnings surprise and to a greater extent the earnings announcement stock return. They also find that there is value to investors in tracking analysts' flattery of management during earnings conference calls, as it predicts abnormal stock returns over the following quarter. The findings, which are incremental to prior research on the tone of earnings conference calls, highlight a previously ignored aspect of analyst feedback.
Download or read book A Dictionary of Euphemisms written by R. W. Holder and published by 교보문고. This book was released on 1995 with total page 506 pages. Available in PDF, EPUB and Kindle. Book excerpt: We all use euphemisms every day. We speak of "full-figured" women. We "fudge" on our income tax. We step lively to avoid "horse apples"--and step even livelier in the grip of the "Aztec Two-step." We say that the dead have "bit the dust" or have been "promoted to glory." Now, in A Dictionary of Euphemisms, Revised Edition, R. W. Holder gives us an engaging volume that celebrates this human tendency to use mild, vague or roundabout expressions rather than those which are blunt, precise, and disagreeably true. Here are thousands of entertaining and informative entries that range from long-established circumlocutions such as "everlasting life," "the Grim Reaper," "powder room," and "house of ill repute," to recent coinages such as "odorously challenged" (smelly), "corporate entertainment" (bribery), "AMW - actress, model, whatever" (prostitute), "downsizing" (laying off workers), and "white-knuckler" (a commercial flight on a small aircraft). Arranged in alphabetical order, the Dictionary gives definitions, examples from real authors, and historical explanations where appropriate. Holder also includes an extensive bibliography and, equally important, a Thematic Index, so that readers can look up euphemistic words and expressions for Death, Mental Illness, Narcotics, Obesity, Poverty, and other topics. A Dictionary of Euphemisms is a browser's delight and an essential reference book for all lovers of language. Readers will find in it a captivating guide to the art of not saying what we mean.
Download or read book The Information Role of Earnings Conference Call Tone written by Fu, Xi and published by . This book was released on 2018 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates how the disclosure tone of earnings conference calls predicts future stock price crash risk. Using U.S. public firm earnings conference call transcripts from 2010 to 2015, we find that firms exhibiting more pessimistic tone during the current year-end call experience higher stock price crash risk in the coming year. Additional analyses suggest managerial truthful disclosure as a possible explanation underlying the predictability of conference call tone. Our results shed light on the long-term information role of the tone of corporate voluntary disclosure by exploring the setting of extreme future downside risk where managers may have incentives to communicate truthfully and disclose bad news.
Download or read book Model Rules of Professional Conduct written by American Bar Association. House of Delegates and published by American Bar Association. This book was released on 2007 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.
Download or read book Tone Analysis in Earnings Conference Calls and Role of Corporate Governance written by Yasir Al Balushi and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 Impact of Reporting Frequency on UK Public Companies written by Robert C. Pozen and published by CFA Institute Research Foundation. This book was released on 2017-05-16 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Beginning in 2007, UK public companies were required to issue quarterly, rather than semiannual, financial reports. But the UK removed this quarterly reporting requirement in 2014. We studied the effects of these regulatory changes on UK public companies and found that the frequency of financial reports had no material impact on levels of corporate investment. However, mandatory quarterly reporting was associated with an increase in analyst coverage and an improvement in the accuracy of analyst earnings forecasts.
Download or read book Who Consumes Firm Disclosures Evidence from Earnings Conference Calls written by Anne Heinrichs and published by . This book was released on 2019 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a set of proprietary records, we examine who consumes quarterly earnings conference calls and under which circumstances the calls are consumed. While there is significant interest in calls by institutional investors and sell-side analysts, we find that investors who do not hold a position in the firm are a leading consumer. We show that buy-side non-holders who consume calls are more likely to hold positions in competitors and to purchase the stock in the future. In addition, many investors who hold large positions only consume calls periodically. We also document a benefit of consuming calls by finding that the consumption of calls is associated with more informed trading decisions. Overall, our investigation illuminates the actual consumption of conference calls by different consumers and the potential benefits of consuming additional firm disclosures.
Download or read book Multichannel Integrations of Nonverbal Behavior written by Aron Wolfe Siegman and published by Psychology Press. This book was released on 2014-04-04 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt: First published in 1985. This book takes a multichannel perspective. The first three chapters are written from a distinctly functional perspective: the function of nonverbal behavior on interpersonal attraction, in the expression of emotions and in the control of conversations. They are followed by two topically organized chapters, namely, the role of nonverbal behavior in interpersonal expectancies and deceptive communications. They, in turn, are followed by a process-oriented discussion of the nature of nonverbal behavior. The book concludes with two contributions concerned with the demography of nonverbal behavior: the role of gender, class, and ethnicity (with the latter viewed from a cultural perspective). In each case, however, the chapter is organized, to the extent possible, from a multichannel perspective.
Download or read book SEC Docket written by United States. Securities and Exchange Commission and published by . This book was released on 1994 with total page 754 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Evidence of Management Discrimination Among Analysts During Earnings Conference Calls written by William J. Mayew and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper considers the potential for public information disclosures to complement the existing private information of financial analysts. In such a setting, analysts allowed to participate during earnings conference calls by asking questions receive public signals that can facilitate the generation of new and valuable private information for the asking analyst. Realizing these public signals are valuable for the asking analyst, managers can use their discretion to discriminate among analysts by granting more participation to more favorable analysts. I use post Regulation FD conference call transcripts to document that the probability of an analyst asking a question during an earnings conference call is increasing in the favorableness of the analyst's outstanding stock recommendation. I also find that downgrades are associated with decreases in access to management during the conference call relative to other recommendation change activity. Analyst prestige moderates these effects. Favorable and prestigious analysts have higher participation probabilities than favorable and unprestigous analysts. Further, downgrades result in participation decreases only for unprestigous analysts. These findings are consistent with practitioner and regulatory concerns that managers discriminate among analysts by allowing more management access to more favorable analysts.
Download or read book Financial Oversight of Enron written by United States. Congress. Senate. Committee on Governmental Affairs and published by . This book was released on 2002 with total page 108 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Communication and Language Analysis in the Corporate World written by Hart, Roderick P. and published by IGI Global. This book was released on 2014-01-31 with total page 435 pages. Available in PDF, EPUB and Kindle. Book excerpt: While personal variables like age, education, and gender are often thought to contribute to a persons distinctive speech pattern, corporate environments often develop its own way of communication which include larger scale variables like the economy and organizational traditions. Communication and Language Analysis in the Corporate World provides insight into the verbiage of the corporate world and the influence of this environment for a persons speech pattern, language, and terminology. This book will provide a guide for language researchers and business leaders alike so that they may find a way to communicate with everyone customers, colleagues, and CEOs effectively.
Download or read book Earnings Quality written by Jennifer Francis and published by Now Publishers Inc. This book was released on 2008 with total page 97 pages. Available in PDF, EPUB and Kindle. Book excerpt: This review lays out a research perspective on earnings quality. We provide an overview of alternative definitions and measures of earnings quality and a discussion of research design choices encountered in earnings quality research. Throughout, we focus on a capital markets setting, as opposed, for example, to a contracting or stewardship setting. Our reason for this choice stems from the view that the capital market uses of accounting information are fundamental, in the sense of providing a basis for other uses, such as stewardship. Because resource allocations are ex ante decisions while contracting/stewardship assessments are ex post evaluations of outcomes, evidence on whether, how and to what degree earnings quality influences capital market resource allocation decisions is fundamental to understanding why and how accounting matters to investors and others, including those charged with stewardship responsibilities. Demonstrating a link between earnings quality and, for example, the costs of equity and debt capital implies a basic economic role in capital allocation decisions for accounting information; this role has only recently been documented in the accounting literature. We focus on how the precision of financial information in capturing one or more underlying valuation-relevant constructs affects the assessment and use of that information by capital market participants. We emphasize that the choice of constructs to be measured is typically contextual. Our main focus is on the precision of earnings, which we view as a summary indicator of the overall quality of financial reporting. Our intent in discussing research that evaluates the capital market effects of earnings quality is both to stimulate further research in this area and to encourage research on related topics, including, for example, the role of earnings quality in contracting and stewardship.
Download or read book Winning Investors Over written by Baruch Lev and published by Harvard Business Press. This book was released on 2012 with total page 394 pages. Available in PDF, EPUB and Kindle. Book excerpt: A guide to dealing with Wall Street in order to boost a company's earnings and stock price features advice for executives on such topics as addressing investors' concerns and maintaining credibility on Wall Street.
