메뉴 건너뛰기




Volumn 37, Issue 3, 2004, Pages 343-366

Conference calls and information asymmetry

Author keywords

Conference calls; Information asymmetry; Microstructure; Probability of informed trade; Voluntary disclosures

Indexed keywords


EID: 11144288132     PISSN: 01654101     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jacceco.2004.02.001     Document Type: Article
Times cited : (269)

References (41)
  • 1
    • 0004217923 scopus 로고
    • American Institute of Certified Public Accountants (AICPA), Special Committee on Financial Reporting, AICPA, New York, NY
    • American Institute of Certified Public Accountants (AICPA), Special Committee on Financial Reporting, 1993. The Information Needs of Investors and Creditors. AICPA, New York, NY
    • (1993) The Information Needs of Investors and Creditors
  • 2
    • 0002286246 scopus 로고
    • Predisclosure information, firm capitalization, and security price behavior around earnings announcements
    • Atiase R.K. Predisclosure information, firm capitalization, and security price behavior around earnings announcements Journal of Accounting Research 23 1985 21-36
    • (1985) Journal of Accounting Research , vol.23 , pp. 21-36
    • Atiase, R.K.1
  • 3
    • 0348236963 scopus 로고    scopus 로고
    • Why do large firms' prices anticipate earnings earlier than small firms' prices?
    • Ayers B.C. Freeman R.N. Why do large firms' prices anticipate earnings earlier than small firms' prices? Contemporary Accounting Research 17 2000 191-212
    • (2000) Contemporary Accounting Research , vol.17 , pp. 191-212
    • Ayers, B.C.1    Freeman, R.N.2
  • 4
    • 0001275158 scopus 로고
    • Unexpected earnings, firm size, and trading volume around quarterly earnings announcements
    • Bamber L.S. Unexpected earnings, firm size, and trading volume around quarterly earnings announcements The Accounting Review 62 1987 510-532
    • (1987) The Accounting Review , vol.62 , pp. 510-532
    • Bamber, L.S.1
  • 5
    • 0031184823 scopus 로고    scopus 로고
    • Disclosure level and the cost of equity capital
    • Botosan C.A. Disclosure level and the cost of equity capital The Accounting Review 72 1997 323-349
    • (1997) The Accounting Review , vol.72 , pp. 323-349
    • Botosan, C.A.1
  • 6
    • 0036004043 scopus 로고    scopus 로고
    • A re-examination of disclosure level and the expected cost of equity capital
    • Botosan C.A. Plumlee M.A. A re-examination of disclosure level and the expected cost of equity capital Journal of Accounting Research 40 2002 21-40
    • (2002) Journal of Accounting Research , vol.40 , pp. 21-40
    • Botosan, C.A.1    Plumlee, M.A.2
  • 7
    • 11144259929 scopus 로고    scopus 로고
    • Commonality in liquidity: Evidence from an order-driven market structure
    • Brockman P. Chung D.Y. Commonality in liquidity: Evidence from an order-driven market structure Journal of Financial Research 25 2002 521-539
    • (2002) Journal of Financial Research , vol.25 , pp. 521-539
    • Brockman, P.1    Chung, D.Y.2
  • 8
    • 11144275498 scopus 로고    scopus 로고
    • Regulation FD and voluntary disclosure practices
    • Northwestern University working paper
    • Brown S. Hillegeist S.A. Lo K. 2003. Regulation FD and voluntary disclosure practices. Northwestern University working paper
    • (2003)
    • Brown, S.1    Hillegeist, S.A.2    Lo, K.3
  • 9
    • 0037217438 scopus 로고    scopus 로고
    • Open versus closed conference calls: The determinants and effects of broadening access to disclosure
    • Bushee B.J. Matsumoto D.A. Miller G.S. Open versus closed conference calls: The determinants and effects of broadening access to disclosure Journal of Accounting and Economics 34 2003 149-180
    • (2003) Journal of Accounting and Economics , vol.34 , pp. 149-180
    • Bushee, B.J.1    Matsumoto, D.A.2    Miller, G.S.3
  • 12
    • 84898006741 scopus 로고
    • Optimal release of information by firms
    • Diamond D.W. Optimal release of information by firms Journal of Finance 40 1985 828-862
    • (1985) Journal of Finance , vol.40 , pp. 828-862
    • Diamond, D.W.1
  • 13
    • 84942585214 scopus 로고
    • Disclosure, liquidity, and the cost of capital
    • Diamond D.W. Verrecchia R.E. Disclosure, liquidity, and the cost of capital Journal of Finance 46 1991 1325-1360
    • (1991) Journal of Finance , vol.46 , pp. 1325-1360
    • Diamond, D.W.1    Verrecchia, R.E.2
  • 14
    • 0039120737 scopus 로고    scopus 로고
    • Cream-skimming or profit-sharing? The curious role of purchased order flow
    • Easley D. Kiefer N.M. O'Hara M. Cream-skimming or profit-sharing? The curious role of purchased order flow. Journal of Finance 51 1996 811-833
    • (1996) Journal of Finance , vol.51 , pp. 811-833
    • Easley, D.1    Kiefer, N.M.2    O'Hara, M.3
  • 17
    • 0040165095 scopus 로고    scopus 로고
    • Option volume and stock prices: Evidence on where informed traders trade
    • Easley D. O'Hara M. Srinivas P.S. Option volume and stock prices: evidence on where informed traders trade Journal of Finance 53 1998 431-465
    • (1998) Journal of Finance , vol.53 , pp. 431-465
    • Easley, D.1    O'Hara, M.2    Srinivas, P.S.3
  • 18
    • 0003313336 scopus 로고    scopus 로고
    • Is information risk a determinant of asset returns?
    • Easley D. Hvidkjaer S. O'Hara M. Is information risk a determinant of asset returns? Journal of Finance 57 2002 2185-2221
    • (2002) Journal of Finance , vol.57 , pp. 2185-2221
    • Easley, D.1    Hvidkjaer, S.2    O'Hara, M.3
  • 19
    • 0043095578 scopus 로고    scopus 로고
    • The making of a dealer market: From entry to equilibrium in the trading of nasdaq stocks
    • Ellis K. Michaely R. O'Hara M. The making of a dealer market: from entry to equilibrium in the trading of nasdaq stocks Journal of Finance 57 2002 2289-2316
    • (2002) Journal of Finance , vol.57 , pp. 2289-2316
    • Ellis, K.1    Michaely, R.2    O'Hara, M.3
  • 22
    • 84977736638 scopus 로고
    • Disclosure decisions by firms and the competition for price efficiency
    • Fishman M.J. Hagerty K.M. Disclosure decisions by firms and the competition for price efficiency Journal of Finance 44 1989 633-646
    • (1989) Journal of Finance , vol.44 , pp. 633-646
    • Fishman, M.J.1    Hagerty, K.M.2
  • 23
    • 0033454756 scopus 로고    scopus 로고
    • An empirical examination of conference calls as a voluntary disclosure medium
    • Frankel R. Johnson M. Skinner D.J. An empirical examination of conference calls as a voluntary disclosure medium Journal of Accounting Research 37 1999 133-150
    • (1999) Journal of Accounting Research , vol.37 , pp. 133-150
    • Frankel, R.1    Johnson, M.2    Skinner, D.J.3
  • 24
    • 0000731575 scopus 로고
    • Trades, quotes, inventories, and information
    • Hasbrouck J. Trades, quotes, inventories, and information Journal of Financial Economics 22 1988 229-252
    • (1988) Journal of Financial Economics , vol.22 , pp. 229-252
    • Hasbrouck, J.1
  • 25
    • 0043227323 scopus 로고    scopus 로고
    • Institutional ownership and the extent to which stock prices reflect future earnings
    • Jiambalvo J. Rajgopal S. Venkatachalam M. Institutional ownership and the extent to which stock prices reflect future earnings Contemporary Accounting Research 19 2002 117-145
    • (2002) Contemporary Accounting Research , vol.19 , pp. 117-145
    • Jiambalvo, J.1    Rajgopal, S.2    Venkatachalam, M.3
  • 26
    • 85141101504 scopus 로고
    • Differential interpretation of public signals and trade in speculative markets
    • Kandel E. Pearson N.D. Differential interpretation of public signals and trade in speculative markets Journal of Political Economy 103 1995 831-872
    • (1995) Journal of Political Economy , vol.103 , pp. 831-872
    • Kandel, E.1    Pearson, N.D.2
  • 28
    • 0001427287 scopus 로고
    • Expectations adjustment via timely management forecasts: Review, synthesis, and suggestions for future research
    • King R. Pownall G. Waymire G. Expectations adjustment via timely management forecasts: Review, synthesis, and suggestions for future research Journal of Accounting Literature 9 1990 113-144
    • (1990) Journal of Accounting Literature , vol.9 , pp. 113-144
    • King, R.1    Pownall, G.2    Waymire, G.3
  • 29
    • 0000859303 scopus 로고
    • Continuous auctions and insider trading
    • Kyle A. Continuous auctions and insider trading Econometrica 53 1985 1315-1335
    • (1985) Econometrica , vol.53 , pp. 1315-1335
    • Kyle, A.1
  • 30
    • 11144336364 scopus 로고    scopus 로고
    • Discussion of "bridging the information gap: Quarterly conference calls as a medium for voluntary disclosure"
    • Lang M. Discussion of "bridging the information gap: Quarterly conference calls as a medium for voluntary disclosure" Review of Accounting Studies 3 1998 169-173
    • (1998) Review of Accounting Studies , vol.3 , pp. 169-173
    • Lang, M.1
  • 31
    • 84977730741 scopus 로고
    • Inferring trade direction from intraday data
    • Lee C.M.C. Ready M.J. Inferring trade direction from intraday data Journal of Finance 46 1991 733-747
    • (1991) Journal of Finance , vol.46 , pp. 733-747
    • Lee, C.M.C.1    Ready, M.J.2
  • 32
  • 33
    • 0001924919 scopus 로고    scopus 로고
    • The importance of high quality accounting standards
    • Levitt A. The importance of high quality accounting standards Accounting Horizons 12 1998 79-82
    • (1998) Accounting Horizons , vol.12 , pp. 79-82
    • Levitt, A.1
  • 34
    • 84977707554 scopus 로고
    • A simple model of capital market equilibrium with incomplete information
    • Merton R.C. A simple model of capital market equilibrium with incomplete information Journal of Finance 42 1987 483-510
    • (1987) Journal of Finance , vol.42 , pp. 483-510
    • Merton, R.C.1
  • 35
    • 0036004080 scopus 로고    scopus 로고
    • Earnings performance and discretionary disclosure
    • Miller G.S. Earnings performance and discretionary disclosure Journal of Accounting Research 40 2002 173-204
    • (2002) Journal of Accounting Research , vol.40 , pp. 173-204
    • Miller, G.S.1
  • 37
    • 0142188102 scopus 로고    scopus 로고
    • Liquidity and price discovery
    • O'Hara M. Liquidity and price discovery Journal of Finance 58 2003 1335-1364
    • (2003) Journal of Finance , vol.58 , pp. 1335-1364
    • O'Hara, M.1
  • 38
    • 0032359234 scopus 로고    scopus 로고
    • Corporate disclosure quality and the cost of debt
    • Sengupta P. Corporate disclosure quality and the cost of debt The Accounting Review 73 1998 459-474
    • (1998) The Accounting Review , vol.73 , pp. 459-474
    • Sengupta, P.1
  • 40
    • 84984199207 scopus 로고
    • Disclosure policy, information asymmetry, and liquidity in equity markets
    • Welker M. Disclosure policy, information asymmetry, and liquidity in equity markets Contemporary Accounting Research 11 1995 801-827
    • (1995) Contemporary Accounting Research , vol.11 , pp. 801-827
    • Welker, M.1
  • 41
    • 0347668630 scopus 로고    scopus 로고
    • Private information production, public disclosure, and the cost of capital: Theory and implications
    • Zhang G. Private information production, public disclosure, and the cost of capital: Theory and implications Contemporary Accounting Research 18 2001 363-384
    • (2001) Contemporary Accounting Research , vol.18 , pp. 363-384
    • Zhang, G.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.