德勤－复旦会计论坛系列讲座之一百八十一
时 间：2021年5月11日（周二）下午12：30
地 点：史带楼301室
主持人：张新 副教授
主讲人：申瑞 香港中文大学(深圳)
主 题：Managers’ reactions to busy audiences: Evidence from overlapping conference calls
摘 要：This study examines how managers adjust voluntary disclosures when the audience is subject to limited attention. We study this question using overlapping calls bundled with earnings announcements. Overlapping calls exist when a firm shares a conference call starting time within 30 minutes with one or more peer companies in the same industry. We document that analysts ask fewer questions and shorter questions when there are more overlapping calls suggesting the audience is subject to limited attention. When there are more overlapping calls, managers give longer presentations and are more likely provide earnings forecasts. In addition, managers tend to issue more good news forecasts and deliver the information with a more positive tone when there are more overlapping calls. The instrumental variable analysis suggests that managers’ strategic timing behavior does not drive our results. Finally, we find that managers’ voluntary disclosure reactions to audience’s limited attention mitigates the undesired market consequences arising from overlapping calls.
会计学系
2021-5-6
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