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首页> 外文期刊>Accounting Review >Who Consumes Firm Disclosures? Evidence from Earnings Conference Calls
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Who Consumes Firm Disclosures? Evidence from Earnings Conference Calls

机译：谁负责公司披露？收益电话会议的证据

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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.
机译：使用一组专有记录，我们检查谁消耗季度收入电话会议以及在何种情况下消耗电话。尽管机构投资者和卖方分析员对看涨期权表现出极大的兴趣，但我们发现没有在公司中任职的投资者是主要的消费者。我们显示，消耗看涨期权的买方非持有者更有可能在竞争对手中持有头寸并在将来购买股票。此外，许多持有大量头寸的投资者只会定期消费看涨期权。我们还发现通过使用电话与更明智的交易决策相关联，可以证明使用电话的好处。总体而言，我们的调查阐明了不同消费者实际使用电话会议的情况以及使用其他公司信息披露的潜在好处。

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