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Conference Calls and Stock Price Volatility in the Post-Reg FD Era

Authors


  • We gratefully acknowledge an anonymous referee and the editor John Doukas for very helpful comments. We also owe thanks to Professor Maurizio Dallocchio, Professor Renzo A. Cenciarini and Professor Sergio Venturini at Bocconi University Milan, Professor Ron Bird at UTS Sydney and Professor Satish Thosar at the University of Redlands, for their helpful suggestions during the writing of an earlier version of this paper. We are grateful to all the participants at the 18th Australasian Banking and Finance Conference 2005 for their useful comments. Correspondence: Alberto Dell'Acqua.

Abstract

Past research has documented that the utilisation of conference calls is greater in the high tech sector than in other industries. Do high tech firms benefit from that? This study attempts to answer this question by examining the impact of ‘post-Reg FD’ conference calls on the price volatility of high tech firms listed in the US market. We find evidence that more open conference calls results in lower idiosyncratic volatility.

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