Publication Type
Journal Article
Version
publishedVersion
Publication Date
6-2026
Abstract
We examine the role of conference calls in creating information spillover within firms. We find that analyst participation in conference calls is positively associated with subsequent revisions in management forecasts, consistent with analysts' questions prompting managers to collect additional information. We find that this effect strengthens when analysts pose more questions on new topics and when they ask questions with abnormally positive or negative tones. We also find that analyst participation has greater effects when analysts have more experience and higher forecasting ability. Further analyses demonstrate that analyst participation is associated with higher accuracy in subsequently revised forecasts. Overall, our results illuminate how conference calls contribute to firms' internal information environment.
Keywords
Conference calls, Financial analysts, Information spillovers, Earnings forecasts
Discipline
Accounting | Corporate Finance
Research Areas
Corporate Governance, Auditing and Risk Management
Publication
Review of Accounting Studies
Volume
31
First Page
1131
Last Page
1164
ISSN
1380-6653
Identifier
10.1007/s11142-026-09937-4
Publisher
Springer
Citation
Awyong, Amanda; CHO, Young Jun; and YANG, Holly I..
Conference calls and information spillover: The role of analyst participation. (2026). Review of Accounting Studies. 31, 1131-1164.
Available at: https://ink.library.smu.edu.sg/soa_research/2113
Copyright Owner and License
Authors
Creative Commons License
This work is licensed under a Creative Commons Attribution 4.0 International License.
Additional URL
https://doi.org/10.1007/s11142-026-09937-4