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Conference Calls: an Empirical Analysis of Information Content and the Type of Disclosed News

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Abstract

This article analyzes whether the type of news and the earnings persistence influence the amount of information that is voluntarily disclosed by the companies. As a proxy for voluntary disclosure we use the information content of the conference calls of the companies listed on the BM&F Bovespa from 2008 to 2015. The results indicate that the companies with bad news provide more information during the conference call (presentation section and questions & answers section) than the companies with good news. Moreover, were found evidence that the companies with less persistent positive earnings provide a larger amount of information than the companies with more persistent positive earnings. Regarding companies with negative earnings we did not find any relation between persistence and the informational content.

Keyword : Information content, Voluntary disclosure, Conference calls, Good and bad news, Persistence

How to Cite
Moreira, N. C., Ramos, F., Kozak-Rogo, J., & Rogo, R. (2016). Conference Calls: an Empirical Analysis of Information Content and the Type of Disclosed News. Brazilian Business Review, 13(6), 291-315. https://doi.org/10.15728/bbr.2016.13.6.6

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