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Conference Presentations and the Disclosure Milieu

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ABSTRACT Conference presentations differ from other voluntary disclosures in that the audience for the disclosure is co‐located with managers in a well‐defined physical and social setting, or “disclosure milieu.” The milieu affects the degree to which conference participants can update their prior beliefs about the firm with information signals obtained through interactions with management and other informed participants. While the average abnormal stock return and volume reactions to presentations are positive, there is a great deal of cross‐sectional variation as indicated by negative median reactions. We find that conference characteristics that determine the nature of the audience and its interactions, such as sponsor, location, size, and industry‐focus, are significantly associated with the market reaction, consistent with the disclosure milieu explaining the cross‐sectional variation in the information content of the presentation. We also find that conference characteristics explain changes in subsequent analyst and institutional investor following, consistent with the disclosure milieu creating differences in access to management by potential new investors and analysts.

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COMMENTS

  1. Conference Presentations and the Disclosure Milieu

    Conference Presentations and the Disclosure Milieu Abstract Conference presentations differ from other voluntary disclosures in that the audience for the disclosure is co-located with managers in a well-defined physical and social setting, or "disclosure milieu." The milieu affects the degree to which conference participants can update

  2. PDF Conference Presentations and the Disclosure Milieu

    In the conference setting, the disclosure milieu is determined by conference characteristics such as sponsor, location, size, and industry-focus. We use a sample of 95,105 conference presentations that exhibit cross-sectional variation in these characteristics to test whether the disclosure milieu predictably explains the absolute stock return ...

  3. Conference Presentations and the Disclosure Milieu

    Conference presentations differ from other voluntary disclosures in that the audience for the disclosure is co-located with managers in a well-defined physical and social setting, or "disclosure milieu."

  4. Conference Presentations and the Disclosure Milieu

    Abstract: Conference presentations differ from other voluntary disclosures in that the audience for the disclosure is co‐located with managers in a well‐defined physical and social setting, or "disclosure milieu."

  5. Conference Presentations and the Disclosure Milieu

    BRIAN J. BUSHEE MICHAEL J. JUNG GREGORY S. MILLER Registered: Abstract Conference presentations differ from other voluntary disclosures in that the audience for the disclosure is co‐located with managers in a well‐defined physical and social setting, or "disclosure milieu."

  6. Conference Presentations and the Disclosure Milieu

    Downloadable ! Author(s): Brian J. Bushee & Michael J. Jung & Gregory S. Miller. 2011 Abstract: Conference presentations differ from other voluntary disclosures in that the audience for the disclosure is co‐located with managers in a well‐defined physical and social setting, or "disclosure milieu." The milieu affects the degree to which conference participants can update their prior ...

  7. Conference Presentations and the Disclosure Milieu

    Conference Presentations and the Disclosure Milieu BUSHEE, BRIAN J.; JUNG, MICHAEL J.; MILLER, GREGORY S. Journal of Accounting Research, Volume 49 (5) - Dec 1, 2011 Read Article Download PDF Share Full Text for Free (beta) 30 pages Article Details Recommended References Bookmark Add to Folder Cite Social Times Cited: Web of Science Journals /

  8. Conference Presentations and the Disclosure Milieu

    Conference presentations differ from other voluntary disclosures in that the audience for the disclosure is co-located with managers in a well-defined physical and social setting, or "disclosure milieu."

  9. (PDF) The Disclosure Milieu in the Space Operations ...

    Conference presentations occur within a well-defined physical and social setting, known as the "disclosure milieu" This paper aims to explore how Next Generation Space Operations engaged...

  10. ‪Brian Bushee‬

    Conference presentations and the disclosure milieu. BJ Bushee, MJ Jung, GS Miller. ... Conference presentations and the disclosure milieu. BJ Bushee, MJ Jung, GS Miller. Journal of Accounting Research 49 (5), 1163-1192, 2011. 275: 2011: Identifying and attracting the "right" investors: Evidence on the behavior of institutional investors.

  11. Capital Market Consequences of Conference Presentations

    Managerial presentations at conferences have become an increasingly important voluntary disclosure mechanism. Conference presentations differ from other types of voluntary disclosure in that they occur within a well-defined physical and social setting, which we refer to as the conference "milieu," and they are not routinely tied to another major information event, such as a quarterly ...

  12. Subject Matter Complexity and Disclosure Channel Richness

    Conference Presentations and the Disclosure Milieu. Brian J. Bushee Michael J. Jung Gregory S. Miller. Business, Economics. 2011; Conference presentations differ from other voluntary disclosures in that the audience for the disclosure is co-located with managers in a well-defined physical and social setting, ...

  13. Understanding investor interaction with firm information: A discussion

    The study includes controls for five important events: earnings announcements, firm disclosure of material events, management earnings guidance, sell-side analyst reports, ... Open versus closed conference calls: the determinants and effects of broadening access to disclosure. J. Account. ... Conference presentations and the disclosure milieu ...

  14. Conference Presentations and the Disclosure Milieu

    Conference presentations differ from other voluntary disclosures in that the audience for the disclosure is co‐located with managers in a well‐defined physical and social setting, or "disclosure milieu."

  15. Conference Presentations and the Disclosure Milieu

    Conference presentations differ from other voluntary disclosures in that the audience for the disclosure is co-located with managers in a well-defined physical and social setting, or "disclosure milieu."

  16. Conference Presentations and the Disclosure Milieu

    Conference presentations differ from other voluntary disclosures in that the audience for the disclosure is co-located with managers in a well-defined physical and social setting, or...

  17. The information content of operations-related disclosures

    Conference presentations and the disclosure milieu. Journal of Accounting Research (2011) S.S. Cao et al. Technological peer pressure and product disclosure. The Accounting Review (2018) W.M. Cready et al. The information content of annual reports: A price and trading response analysis. The Accounting Review

  18. Managers' Cultural Background and Disclosure Attributes

    Conference Presentations and the Disclosure Milieu. Brian J. Bushee Michael J. Jung Gregory S. Miller. Business, Economics. 2011; Conference presentations differ from other voluntary disclosures in that the audience for the disclosure is co-located with managers in a well-defined physical and social setting, ...

  19. Shall we talk? The role of interactive investor ...

    Conference presentations and the disclosure milieu. J. Account. Res. (2011) K.L. Chapman et al. Information overload and disclosure smoothing. Rev. Account. ... the USTC-UW Conference, USC, Indiana University, Hong Kong Poly University, the HARC conference, the AAA Spark Meeting (Best Paper by the Western Region), and the FARS conference for ...

  20. Conference Presentations and the Disclosure Milieu

    Conference Presentations and the Disclosure Milieu . Abstract . Conference presentations differ from other voluntary disclosures in that the audience for the disclosure is co-located with managers in a well-defined physical and social setting, or "disclosure milieu." The milieu affects the degree to which conference participants can update ...

  21. Capital market consequences of conference presentations

    First, press releases are only one channel through which managers can reveal bad earnings news to the market. Managers can also reveal negative earnings news through public disclosure channels ...

  22. Come on Over: Analyst/Investor Days as a Disclosure Medium

    Our study introduces analyst/investor days, a new disclosure medium that allows for private interactions with influential market participants. We also highlight interdependencies in the choice and information content of analyst/investor days and conference presentations, a well-researched disclosure medium which similarly allows for private interactions. Analyst/investor days are less frequent ...

  23. [PDF] The Dark Side of Investor Conferences: Evidence of Managerial

    While the shareholder benefits of investor conferences are well-documented, evidence on whether these conferences facilitate managerial opportunism is scarce. In this paper, we examine whether managers opportunistically exploit heightened attention around the conference to "hype" the stock. We find that (1) managers increase the quantity of voluntary disclosure leading up to the conference ...