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題名 法人說明會與董監事連結之關聯
Conference Calls and Board Interlocks
作者 譚寧
貢獻者 詹凌菁
譚寧
關鍵詞 董監事連結
法人說明會
社會網絡
自願性揭露
Board interlock
Conference call
Social network
Voluntary disclosure
日期 2013
上傳時間 3-Mar-2014 15:30:18 (UTC+8)
摘要 董監事連結為社交網絡的一種型態，扮演董監事相互溝通與交流的管道。兼職於不同公司的董監事有許多機會獲取企業內部的可靠資訊，透過彼此互相交流與溝通，企業的資訊可藉由此種社交網絡傳遞散播於公司之間並影響各公司的企業行為與策略，本研究主要在探討此種溝通平台是否會影響公司自願性的召開法人說明會。本研究選取了2000年至2009年間的上市櫃公司作為樣本，研究結果顯示公司的董監事連結和法人說明會之召開有正向的關係，顯示當公司透過董監事的兼職而與其他有召開法說會的公司建立連結時，該公司更傾向召開法人說明會，且召開之次數更為頻繁。此外，當公司透過獨立董事和其他有召開法說會的公司建立連結時，此現象更為顯著。透過本文之額外測試，我們亦發現董監事連結的影響很可能公司在法說會揭露的資訊。
In the field of social network, board interlock is a reliable communication channel for board of directors to transfer corporate information, which further influences the strategies or practices adopted by the firms. Conference calls have become a widely used medium for Taiwanese managers to communicate corporate information to the public in the past two decades. This study investigates whether board interlock as a social network affects corporate disclosure policies in terms of their decision to hold conference calls. By using the data from listed companies in Taiwan during 2000 to 2009, the results indicate that firms tied to other call firms through interlocked directors are more likely to hold conference calls. Moreover, I find that interlocking independent directors are positively associated with the decision of holding conference calls by the focal company. These findings are robust to changes in the measures of board interlocks and conference calls. Our additional analysis also indicates that the information disclosed in conference calls may be influenced by board interlocks. The findings in this study generally support the argument that board interlocks are associated with the spread of corporate practices.
參考文獻 李建然、廖秀梅、賴柏錚，2005，法人說明會之資訊內涵及公平性，中華管理評論國際學報，第8卷第3期: 1-17。
金成隆、林美鳳、梁嘉紋，2008，公司治理結構和法人說明會之關聯性研究，管理學報，第25卷第2期: 221-243。
金成隆、紀信義、林裕凱，2005，強制性財務預測與法人說明會關聯性之研究，管理學報，第22卷第5期:629-651。
Ajinkya, B., S. Bhojraj, and P. Sengupta. 2005. The association between outside directors, institutional investors and the properties of management earnings forecasts. Journal of Accounting Research 43(3): 343-376
Armstrong, C. S., J. E. Core, and W. R. Guay. 2012. Do Independent Directors Cause Improvements in Firm Transparency? Working paper, University of Pennsylvania
Barney J., 1991. Firm resources and sustainable competitive advantage. Journal of Management 17(1): 99-120
Bizjak,J., M. Lemmon, and R. Whitby, 2009. Option backdating and board interlocks. Review of Financial Studies 22(11): 4821-4847
Bowen, R. M., A. K. Davis, and D. A. Matsumoto. 2002. Do conference calls affect analysts` forecasts? The Accounting Review 77(April): 285-316
Brown, J. L. 2011. The spread of aggressive corporate tax reporting: A detailed examination of the corporate-owned life insurance shelter. The Accounting Review 86(1): 23-57
Brown, S., S. A. Hillegeist, and K. Lo. 2004. Conference calls and information asymmetry. Journal of Accounting and Economics 37: 343-366
Brown, S. and S. A. Hillegeist. 2007. How disclosure quality affects the level of information asymmetry. Review of Accounting Studies 12(2): 443-477
Bushee, B.J., D. A. Matsumoto, and G.S. Miller. 2003. Open versus closed conference calls: the determinants and effects of broadening access to disclosure. Journal of Accounting and Economics 34: 149-180
Cai, Y. and M. Sevilir. 2012. Board connection and M&A transactions. Journal of Financial Economics 103: 327-349
Cheng, E. C. M. and S. M. Courtenay. 2006. Board composition, regulatory regime and voluntary disclosure. The International Journal of Accounting 41: 262–89.
Chin, C-L. and A, L-C Chan. 2012. Board interlock and auditor choice: Firm and partner level. Working paper, National Chengchi University
Chin, C-L., P. Lee, P-W. Wang, and G. Kleinman, 2007. Does innovation matter to conference calls? IEEE Transactions On Engineering Management 54(4): 669-715
Chiu, P-C., S. H. Teoh, and F. Tian. 2012. Board interlocks and earnings management contagion. The Accounting Review 88(3): 915-944
Davis, G. F. 1991. Agents without principles? The spread of poison pill through the intercorporate network. Administrative Science Quarterly 36(4): 583-613
Daivs, G. F. and H. R. Greve. 1997. Corporate elite network and governance change in the 1980s. The American Journal of Sociology 103(1): 1-37
Davis, G. F. and W. W. Powell. 1992. Organization-environment relations. In Marvin D. Dunette and Leaetta M. Hough (eds), Handbook of Industrial and Organizational Psychology: 315-376. Palo Alto, CA: Consulting Psychologists Press
Davison, A. G., B. W. Stening, and W. T. Wai. 1984. Auditor concentration and the impact of interlocking directors. Journal of Accounting Research 22(1): 313-317
Diamond, D.W. and R. E. Verrecchia. 1991. Disclosure, liquidity, and cost of capital. Journal of Finance 46(4): 1325-1359
Donnelly, R. and M. Mulcahy. 2008. Board structure, ownership, and voluntary disclosure in Ireland. Corporate Governance 16(5): 416-429
Duchin, R., J. G. Matsusake, and O. Ozbas. 2010. When are outside directors effective? Journal of Financial Economics 96: 195-214
Easley, D. and M. O`hara. 2004. Information and the cost of capital. The Journal of Finance 59(4): 1553-1583
Eng, L. L. and Y. T. Mak. 2003. Corporate governance and voluntary disclosure. Journal of Accounting and Public Policy 22: 325-345
Fama, E. F. and Jensen, M.C. 1983. Separation of ownership and control. Journal of Law and Economics 26(2): 301-325
Ferreira, D., M. A. Ferreira, and C. C. Raposo. 2011. Board structure and price informativeness. Journal of Financial Economics 99: 523-545
Fracassi, C. 2012. Corporate finance policies and social networks. AFA 2011 Denver Meetings Paper
Francis, J. R., I. K. Khurana, and R. Pereira, R. 2005. Disclosure incentives and effects on cost of capital around the world. The Accounting Review 80(4): 1125-1162
Francis, J., D. Nanda, and P. Olsson. 2007. Voluntary disclosure, earnings quality, and cost of capital. Journal of Accounting Research 46(1): 53-99
Frankel, R., M. Johnson, and D. J. Skinner. 1999. An empirical examination of conference calls as a voluntary disclosure medium. Journal of Accounting Research 37(1): 133-150
Frankel, R. and X. Li. 2004. Characteristics of a firm`s information environment and the information asymmetry between insiders and outsiders. Journal of Accounting and Economics 37: 229-259
Frankel, R., M. J. Mayew, and Y. Sun. 2010. Do pennies matter? Investor relations consequences of small negative earnings surprise. Review of Accounting Studies 15: 220-242
Frankel, R., M. McNichols, and P. Wilson. 1995. Discretionary disclosure and external financing. The Accounting Review 70(1): 135-150
Galaskiewicz, J. and S. Wasserman. 1989. Mimetic processes within interorganizational field: An empirical test. Administrative Science Quarterly 34(3): 454-479
Granovetter, M. 1985. Economic action and social structure: The problem of embeddedness. The American Journal of Sociology 91(3): 481-510
Goh, B. W., J. Ng, and K. O. Young. 2012. The effect of board independence on the information environment and information asymmetry. Working paper, Singapore Management University.
Guedj, I. and A. Barnea. 2009. Director Networks. EFA 2007 Ljubijana Meeting Paper
Haunschild, P. R. 1993. Interorganizational imitation: The impact of interlocks on corporate acquisition activity. Administrative Science Quarterly 38(4): 564-592
Haunschild, P. R. and C. M. Beckman. 1998. When do interlocks matter?: Alternate sources of information and interlock influence. Administrative Science Quarterly 43(4): 815-844
Haunschild, P. R. and A. S. Miner. 1997. Modes of interorganizational imitation: The effects of outcome salience and uncertainty. Administrative Science Quarterly 42(2): 472-500
Healy, P. M., and K. G. Palepu. 1993. The effect of firms` financial disclosure strategies on stock prices. Accounting Horizons 7(1): 1-11
Healy, P. M., and K. G. Palepu. 2001. Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics 31: 405-440
Hochberg, Y. V., A. Ljungqvist, and Y. Lu. 2007. Whom you know matters: Venture capital networks and investment performance. The Journal of Finance 62(1): 251-301
Hermalin, B. E. and M. S. Weisbach. 2007. Transparency and corporate governance. Working Paper, National Bureau of Economic Research (NBER)
Ho, S. S. M and K. S. Wong. 2001. A study of relationship between corporate governance structures and the extent of voluntary disclosure. Journal of International Accounting, Auditing & Taxation 10: 139-156
Hollander, S., M. Pronk, and E. Roelofsen. 2010. Dose silence speak? An empirical analysis of disclosure choices during conference calls. Journal of Accounting Research 48(3): 531-563
Khanna, T. and C. Thomas. 2009. Synchronicity and firm interlocks in an emerging market. Journal of Financial Economics 92: 182-204
Kimbrough, M. D. 2005. The effect of conference calls on analyst and market underreaction to earnings announcements. The Accounting Review 80(1): 189-219
Kimbrough, M. D . and H. Louis. 2011. Voluntary disclosure to influence investor reactions to merger announcements: An examination of conference calls. The Accounting Review 86(2): 637-667
Lang, M. H. and R. J. Lundholm. 1993. Cross-sectional determinants of analyst rating of corporate disclosure. Journal of Accounting Research 31(2): 246-271
Lang, M. H. and R. J. Lundholm. 1996. Corporate disclosure policy and analyst behavior. The Accounting Review 71(4): 467-492
Lang, M. 1998. Discussion of "Bridging the information gap: quarterly conference calls as a medium for voluntary disclosure". Review of Accounting Studies 3: 169-173
Lang, M. H. and Lundholm, R. J. 2000. Voluntary disclosure and equity offering: Reducing information asymmetry or hyping the stock? Contemporary Accounting Research 17(4): 623-6620
Lim, S., Z. Matolcsy. and D. Chow. 2007. The association between board composition and different types of voluntary disclosure. European Accounting Review 16(3): 555-583
Linck, J. S., J. M. Netter, T. and Yang. 2008. The determinants of board structure. Journal of Financial Economics 87: 308-325
Matsumoto, D., M. Pronk, and E. Roelofsen. 2011. What makes conference calls useful? The information content of managers` presentation and analysts` discussion sessions. The Accounting Review 86(4): 1383-1414
Mayew, W. J. and M. Venkatachalam. 2012. The power of voice: Managerial affective states and future firm performance. The Journal of Finance 67(1): 1-44
Mizruch, M. S. 1996. What do interlocks do? An analysis, critique, and assessment of research on interlocking directorates. Annual Review of Sociology 22(1): 271-298
Patelli, L., and A. Prencipe. 2007. The relationship between voluntary disclosure and independent directors in the presence of a dominant shareholder. European Accounting Review 16(1): 5-33
Price, S. M., J. S. Doran, D. R. Peterson, and B. A .Bliss. 2012. Earnings conference calls and stock returns: The incremental informativeness of textual tone. Journal of Banking and Finance 36(4): 992-1011
Rao, H., G. F. Davis, and A. Ward. 2000. Embeddedness, social identity and mobility: Why firms leave the NASDAQ and join the New York Stock Exchange. Administrative Science Quarterly 45(2): 268-292
Robinson, D .T. and T. E. Stuart. 2006. Network effects in the governance of strategic alliances. The Journal of Law, Economics & Organization 23(1): 242-273
Stuart, T. E. and S. Yim. 2010. Board interlocks and the propensity to be targeted in private equity transactions. Journal of Financial Economics 97: 174-189
Ruland, W., S. Tung, and N. E. George. 1990. Factors associated with the disclosure of managers` forecasts. The Accounting Review 65(3): 710-721
Tasker, S. C. 1998. Bridging the information gap: quarterly conference calls as a medium for voluntary disclosure. Review of Accounting Studies 3: 137-167
Useem, M. 1984. The Inner Circle. New York: Oxford University Press
Verrecchia, R. E. 1983. Discretionary disclosure. Journal of Accounting and Economics 5: 179-194
Yang, B., J. F. Wang, J. Zhang, P. Wang, and W. Shu. 2012. Does the interlocking directorship hamper earnings quality? Working Paper, American Accounting Association Annual Meeting
描述 碩士
國立政治大學
會計研究所
100353044
102
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0100353044
資料類型 thesis
dc.contributor.advisor 詹凌菁zh_TW
dc.contributor.author (Authors) 譚寧zh_TW
dc.creator (作者) 譚寧zh_TW
dc.date (日期) 2013en_US
dc.date.accessioned 3-Mar-2014 15:30:18 (UTC+8)-
dc.date.available 3-Mar-2014 15:30:18 (UTC+8)-
dc.date.issued (上傳時間) 3-Mar-2014 15:30:18 (UTC+8)-
dc.identifier (Other Identifiers) G0100353044en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/64319-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 會計研究所zh_TW
dc.description (描述) 100353044zh_TW
dc.description (描述) 102zh_TW
dc.description.abstract (摘要) 董監事連結為社交網絡的一種型態，扮演董監事相互溝通與交流的管道。兼職於不同公司的董監事有許多機會獲取企業內部的可靠資訊，透過彼此互相交流與溝通，企業的資訊可藉由此種社交網絡傳遞散播於公司之間並影響各公司的企業行為與策略，本研究主要在探討此種溝通平台是否會影響公司自願性的召開法人說明會。本研究選取了2000年至2009年間的上市櫃公司作為樣本，研究結果顯示公司的董監事連結和法人說明會之召開有正向的關係，顯示當公司透過董監事的兼職而與其他有召開法說會的公司建立連結時，該公司更傾向召開法人說明會，且召開之次數更為頻繁。此外，當公司透過獨立董事和其他有召開法說會的公司建立連結時，此現象更為顯著。透過本文之額外測試，我們亦發現董監事連結的影響很可能公司在法說會揭露的資訊。zh_TW
dc.description.abstract (摘要) In the field of social network, board interlock is a reliable communication channel for board of directors to transfer corporate information, which further influences the strategies or practices adopted by the firms. Conference calls have become a widely used medium for Taiwanese managers to communicate corporate information to the public in the past two decades. This study investigates whether board interlock as a social network affects corporate disclosure policies in terms of their decision to hold conference calls. By using the data from listed companies in Taiwan during 2000 to 2009, the results indicate that firms tied to other call firms through interlocked directors are more likely to hold conference calls. Moreover, I find that interlocking independent directors are positively associated with the decision of holding conference calls by the focal company. These findings are robust to changes in the measures of board interlocks and conference calls. Our additional analysis also indicates that the information disclosed in conference calls may be influenced by board interlocks. The findings in this study generally support the argument that board interlocks are associated with the spread of corporate practices.en_US
dc.description.tableofcontents Index I
Tables II
1. Introduction 1
2. Literature review 5
2.1 Conference calls background and related literature 5
2.2 Background and related literature on board interlocks 13
3. Research design 18
3.1 Hypothesis development 18
3.2 Data collection 21
3.3 Variable descriptions 22
3.4 Research Method 27
4. Research Results 30
4.1 Descriptive Analyses 30
4.2 Correlation Analysis 44
4.3 Regression results 47
4.4 Additional analysis 57
5. Conclusions 65
References 67		zh_TW
dc.format.extent 1591418 bytes-
dc.format.mimetype application/pdf-
dc.language.iso en_US-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0100353044en_US
dc.subject (關鍵詞) 董監事連結zh_TW
dc.subject (關鍵詞) 法人說明會zh_TW
dc.subject (關鍵詞) 社會網絡zh_TW
dc.subject (關鍵詞) 自願性揭露zh_TW
dc.subject (關鍵詞) Board interlocken_US
dc.subject (關鍵詞) Conference callen_US
dc.subject (關鍵詞) Social networken_US
dc.subject (關鍵詞) Voluntary disclosureen_US
dc.title (題名) 法人說明會與董監事連結之關聯zh_TW
dc.title (題名) Conference Calls and Board Interlocksen_US
dc.type (資料類型) thesisen
dc.relation.reference (參考文獻) 李建然、廖秀梅、賴柏錚，2005，法人說明會之資訊內涵及公平性，中華管理評論國際學報，第8卷第3期: 1-17。
金成隆、林美鳳、梁嘉紋，2008，公司治理結構和法人說明會之關聯性研究，管理學報，第25卷第2期: 221-243。
金成隆、紀信義、林裕凱，2005，強制性財務預測與法人說明會關聯性之研究，管理學報，第22卷第5期:629-651。
Ajinkya, B., S. Bhojraj, and P. Sengupta. 2005. The association between outside directors, institutional investors and the properties of management earnings forecasts. Journal of Accounting Research 43(3): 343-376
Armstrong, C. S., J. E. Core, and W. R. Guay. 2012. Do Independent Directors Cause Improvements in Firm Transparency? Working paper, University of Pennsylvania
Barney J., 1991. Firm resources and sustainable competitive advantage. Journal of Management 17(1): 99-120
Bizjak,J., M. Lemmon, and R. Whitby, 2009. Option backdating and board interlocks. Review of Financial Studies 22(11): 4821-4847
Bowen, R. M., A. K. Davis, and D. A. Matsumoto. 2002. Do conference calls affect analysts` forecasts? The Accounting Review 77(April): 285-316
Brown, J. L. 2011. The spread of aggressive corporate tax reporting: A detailed examination of the corporate-owned life insurance shelter. The Accounting Review 86(1): 23-57
Brown, S., S. A. Hillegeist, and K. Lo. 2004. Conference calls and information asymmetry. Journal of Accounting and Economics 37: 343-366
Brown, S. and S. A. Hillegeist. 2007. How disclosure quality affects the level of information asymmetry. Review of Accounting Studies 12(2): 443-477
Bushee, B.J., D. A. Matsumoto, and G.S. Miller. 2003. Open versus closed conference calls: the determinants and effects of broadening access to disclosure. Journal of Accounting and Economics 34: 149-180
Cai, Y. and M. Sevilir. 2012. Board connection and M&A transactions. Journal of Financial Economics 103: 327-349
Cheng, E. C. M. and S. M. Courtenay. 2006. Board composition, regulatory regime and voluntary disclosure. The International Journal of Accounting 41: 262–89.
Chin, C-L. and A, L-C Chan. 2012. Board interlock and auditor choice: Firm and partner level. Working paper, National Chengchi University
Chin, C-L., P. Lee, P-W. Wang, and G. Kleinman, 2007. Does innovation matter to conference calls? IEEE Transactions On Engineering Management 54(4): 669-715
Chiu, P-C., S. H. Teoh, and F. Tian. 2012. Board interlocks and earnings management contagion. The Accounting Review 88(3): 915-944
Davis, G. F. 1991. Agents without principles? The spread of poison pill through the intercorporate network. Administrative Science Quarterly 36(4): 583-613
Daivs, G. F. and H. R. Greve. 1997. Corporate elite network and governance change in the 1980s. The American Journal of Sociology 103(1): 1-37
Davis, G. F. and W. W. Powell. 1992. Organization-environment relations. In Marvin D. Dunette and Leaetta M. Hough (eds), Handbook of Industrial and Organizational Psychology: 315-376. Palo Alto, CA: Consulting Psychologists Press
Davison, A. G., B. W. Stening, and W. T. Wai. 1984. Auditor concentration and the impact of interlocking directors. Journal of Accounting Research 22(1): 313-317
Diamond, D.W. and R. E. Verrecchia. 1991. Disclosure, liquidity, and cost of capital. Journal of Finance 46(4): 1325-1359
Donnelly, R. and M. Mulcahy. 2008. Board structure, ownership, and voluntary disclosure in Ireland. Corporate Governance 16(5): 416-429
Duchin, R., J. G. Matsusake, and O. Ozbas. 2010. When are outside directors effective? Journal of Financial Economics 96: 195-214
Easley, D. and M. O`hara. 2004. Information and the cost of capital. The Journal of Finance 59(4): 1553-1583
Eng, L. L. and Y. T. Mak. 2003. Corporate governance and voluntary disclosure. Journal of Accounting and Public Policy 22: 325-345
Fama, E. F. and Jensen, M.C. 1983. Separation of ownership and control. Journal of Law and Economics 26(2): 301-325
Ferreira, D., M. A. Ferreira, and C. C. Raposo. 2011. Board structure and price informativeness. Journal of Financial Economics 99: 523-545
Fracassi, C. 2012. Corporate finance policies and social networks. AFA 2011 Denver Meetings Paper
Francis, J. R., I. K. Khurana, and R. Pereira, R. 2005. Disclosure incentives and effects on cost of capital around the world. The Accounting Review 80(4): 1125-1162
Francis, J., D. Nanda, and P. Olsson. 2007. Voluntary disclosure, earnings quality, and cost of capital. Journal of Accounting Research 46(1): 53-99
Frankel, R., M. Johnson, and D. J. Skinner. 1999. An empirical examination of conference calls as a voluntary disclosure medium. Journal of Accounting Research 37(1): 133-150
Frankel, R. and X. Li. 2004. Characteristics of a firm`s information environment and the information asymmetry between insiders and outsiders. Journal of Accounting and Economics 37: 229-259
Frankel, R., M. J. Mayew, and Y. Sun. 2010. Do pennies matter? Investor relations consequences of small negative earnings surprise. Review of Accounting Studies 15: 220-242
Frankel, R., M. McNichols, and P. Wilson. 1995. Discretionary disclosure and external financing. The Accounting Review 70(1): 135-150
Galaskiewicz, J. and S. Wasserman. 1989. Mimetic processes within interorganizational field: An empirical test. Administrative Science Quarterly 34(3): 454-479
Granovetter, M. 1985. Economic action and social structure: The problem of embeddedness. The American Journal of Sociology 91(3): 481-510
Goh, B. W., J. Ng, and K. O. Young. 2012. The effect of board independence on the information environment and information asymmetry. Working paper, Singapore Management University.
Guedj, I. and A. Barnea. 2009. Director Networks. EFA 2007 Ljubijana Meeting Paper
Haunschild, P. R. 1993. Interorganizational imitation: The impact of interlocks on corporate acquisition activity. Administrative Science Quarterly 38(4): 564-592
Haunschild, P. R. and C. M. Beckman. 1998. When do interlocks matter?: Alternate sources of information and interlock influence. Administrative Science Quarterly 43(4): 815-844
Haunschild, P. R. and A. S. Miner. 1997. Modes of interorganizational imitation: The effects of outcome salience and uncertainty. Administrative Science Quarterly 42(2): 472-500
Healy, P. M., and K. G. Palepu. 1993. The effect of firms` financial disclosure strategies on stock prices. Accounting Horizons 7(1): 1-11
Healy, P. M., and K. G. Palepu. 2001. Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics 31: 405-440
Hochberg, Y. V., A. Ljungqvist, and Y. Lu. 2007. Whom you know matters: Venture capital networks and investment performance. The Journal of Finance 62(1): 251-301
Hermalin, B. E. and M. S. Weisbach. 2007. Transparency and corporate governance. Working Paper, National Bureau of Economic Research (NBER)
Ho, S. S. M and K. S. Wong. 2001. A study of relationship between corporate governance structures and the extent of voluntary disclosure. Journal of International Accounting, Auditing & Taxation 10: 139-156
Hollander, S., M. Pronk, and E. Roelofsen. 2010. Dose silence speak? An empirical analysis of disclosure choices during conference calls. Journal of Accounting Research 48(3): 531-563
Khanna, T. and C. Thomas. 2009. Synchronicity and firm interlocks in an emerging market. Journal of Financial Economics 92: 182-204
Kimbrough, M. D. 2005. The effect of conference calls on analyst and market underreaction to earnings announcements. The Accounting Review 80(1): 189-219
Kimbrough, M. D . and H. Louis. 2011. Voluntary disclosure to influence investor reactions to merger announcements: An examination of conference calls. The Accounting Review 86(2): 637-667
Lang, M. H. and R. J. Lundholm. 1993. Cross-sectional determinants of analyst rating of corporate disclosure. Journal of Accounting Research 31(2): 246-271
Lang, M. H. and R. J. Lundholm. 1996. Corporate disclosure policy and analyst behavior. The Accounting Review 71(4): 467-492
Lang, M. 1998. Discussion of "Bridging the information gap: quarterly conference calls as a medium for voluntary disclosure". Review of Accounting Studies 3: 169-173
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