Posted by Ian D. Gow (University of Melbourne), David F. Larcker (Stanford University), and Anastasia A. Zakolyukina (University of Chicago), on Wednesday, February 27, 2019
Editor's Note: Anastasia Zakolyukina is Associate Professor of Accounting and Neubauer Family Faculty Fellow at University of Chicago Booth School of Business; Ian D. Gow is Professor at the University of Melbourne; and David F. Larcker is the James Irvin Miller Professor of Accounting at Stanford Graduate School of Business. This post is based on their recent paper.
“Sunlight is the best disinfectant.”
— Justice Louis D. Brandeis
Disclosure of information has long been a key element of corporate governance. While much disclosure is governed by laws, regulations, standards and the like, much of the information investors rely on is provided voluntarily by firms. Since Regulation Fair Disclosure was introduced by the United States Securities and Exchange Commission (SEC), corporate conference calls have emerged as an important channel for firms to disclose information to capital markets.