Non‐Answers During Conference Calls
Ian D. Gow,
David F. Larcker and
Anastasia Zakolyukina
Journal of Accounting Research, 2021, vol. 59, issue 4, 1349-1384
Abstract:
We construct a novel measure of disclosure choice by firms. Our measure is computed using linguistic analysis of conference calls to identify whether a manager's response to an analyst question is a “non‐answer.” Using our measure, about 11% of analyst questions elicit non‐answers from managers, a rate that is stable over time and similar across industries. A useful feature of our measure is that it enables an examination of disclosure choice within a call. Analyst questions with a negative tone, greater uncertainty, greater complexity, or requests for greater detail are more likely to trigger non‐answers. We find performance‐related questions tend to be associated with non‐answers, and this association is weaker when performance news is favorable. We also find analyst questions about proprietary information are associated with non‐answers, and this association is stronger when firm competition is more intense.
Date: 2021
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https://doi.org/10.1111/1475-679X.12371
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Persistent link: https://EconPapers.repec.org/RePEc:bla:joares:v:59:y:2021:i:4:p:1349-1384
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Journal of Accounting Research is currently edited by Philip G. Berger, Luzi Hail, Christian Leuz, Haresh Sapra, Douglas J. Skinner, Rodrigo Verdi and Regina Wittenberg Moerman
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