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  • The Effect of Conference Calls on Analysts' Forecasts - German Evidence

    Rights statement: This is an Author's Original Manuscript of an article submitted for consideration in the European Accounting Review [copyright Taylor & Francis]; European Accounting Review is available online athttp://www.tandfonline.com/doi/abs/10.1080/09638180.2011.640454"

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The effect of conference calls on analysts' forecasts: German evidence

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The effect of conference calls on analysts' forecasts : German evidence. / Bassemir, Moritz; Novotny-Farkas, Zoltan; Pachta, Julian.

In: European Accounting Review, Vol. 22, No. 1, 2013, p. 151-183.

Research output: Contribution to Journal/MagazineJournal articlepeer-review

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Bassemir, M, Novotny-Farkas, Z & Pachta, J 2013, 'The effect of conference calls on analysts' forecasts: German evidence', European Accounting Review, vol. 22, no. 1, pp. 151-183. https://doi.org/10.1080/09638180.2011.640454

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Bassemir M, Novotny-Farkas Z, Pachta J. The effect of conference calls on analysts' forecasts: German evidence. European Accounting Review. 2013;22(1):151-183. doi: 10.1080/09638180.2011.640454

Author

Bassemir, Moritz ; Novotny-Farkas, Zoltan ; Pachta, Julian. / The effect of conference calls on analysts' forecasts : German evidence. In: European Accounting Review. 2013 ; Vol. 22, No. 1. pp. 151-183.

Bibtex

@article{fb23084ce08146a59f595e06f8d6b9ae,
title = "The effect of conference calls on analysts' forecasts: German evidence",
abstract = "This study examines whether conference calls provide additional information to analysts. For a large sample of conference calls, hosted by German firms between 2004 and 2007, our results show that conference calls improve analysts{\textquoteright} ability to forecast future earnings accurately. This suggests that additional information is released during conference calls. The reduction in forecast error is economically significant and larger in magnitude when compared to results for the US (Bowen et al., 2002). These findings are consistent with the notion that commiting to additional disclosures is likely to yield greater effects in a less stringent disclosure system (Verrecchia, 2001). Since the majority of our sample firms conduct conference calls as closed calls, the evidence of this paper suggests that conference calls may contribute to an information gap between call participants and non-invited parties. Our findings should be of substantial interest to European regulators seeking to level the informational playing field for all investors. ",
keywords = "Analyst Conferences, Conference Calls , Disclosure Regulation , Financial Analysts , Forecast Accuracy , Information Environment",
author = "Moritz Bassemir and Zoltan Novotny-Farkas and Julian Pachta",
note = "This is an Author's Original Manuscript of an article submitted for consideration in the European Accounting Review [copyright Taylor & Francis]; European Accounting Review is available online athttp://www.tandfonline.com/doi/abs/10.1080/09638180.2011.640454{"}",
year = "2013",
doi = "10.1080/09638180.2011.640454",
language = "English",
volume = "22",
pages = "151--183",
journal = "European Accounting Review",
issn = "0963-8180",
publisher = "Routledge",
number = "1",

}

RIS

TY - JOUR

T1 - The effect of conference calls on analysts' forecasts

T2 - German evidence

AU - Bassemir, Moritz

AU - Novotny-Farkas, Zoltan

AU - Pachta, Julian

N1 - This is an Author's Original Manuscript of an article submitted for consideration in the European Accounting Review [copyright Taylor & Francis]; European Accounting Review is available online athttp://www.tandfonline.com/doi/abs/10.1080/09638180.2011.640454"

PY - 2013

Y1 - 2013

N2 - This study examines whether conference calls provide additional information to analysts. For a large sample of conference calls, hosted by German firms between 2004 and 2007, our results show that conference calls improve analysts’ ability to forecast future earnings accurately. This suggests that additional information is released during conference calls. The reduction in forecast error is economically significant and larger in magnitude when compared to results for the US (Bowen et al., 2002). These findings are consistent with the notion that commiting to additional disclosures is likely to yield greater effects in a less stringent disclosure system (Verrecchia, 2001). Since the majority of our sample firms conduct conference calls as closed calls, the evidence of this paper suggests that conference calls may contribute to an information gap between call participants and non-invited parties. Our findings should be of substantial interest to European regulators seeking to level the informational playing field for all investors.

AB - This study examines whether conference calls provide additional information to analysts. For a large sample of conference calls, hosted by German firms between 2004 and 2007, our results show that conference calls improve analysts’ ability to forecast future earnings accurately. This suggests that additional information is released during conference calls. The reduction in forecast error is economically significant and larger in magnitude when compared to results for the US (Bowen et al., 2002). These findings are consistent with the notion that commiting to additional disclosures is likely to yield greater effects in a less stringent disclosure system (Verrecchia, 2001). Since the majority of our sample firms conduct conference calls as closed calls, the evidence of this paper suggests that conference calls may contribute to an information gap between call participants and non-invited parties. Our findings should be of substantial interest to European regulators seeking to level the informational playing field for all investors.

KW - Analyst Conferences

KW - Conference Calls

KW - Disclosure Regulation

KW - Financial Analysts

KW - Forecast Accuracy

KW - Information Environment

U2 - 10.1080/09638180.2011.640454

DO - 10.1080/09638180.2011.640454

M3 - Journal article

VL - 22

SP - 151

EP - 183

JO - European Accounting Review

JF - European Accounting Review

SN - 0963-8180

IS - 1

ER -