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Conference Calls and Stock Price Volatility in the Post‐Reg FD Era |
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| Authors: | Alberto Dell'Acqua Francesco Perrini Stefano Caselli |
| Affiliation: | 1. SDA Bocconi School of Management, Via Bocconi 8, 20136 Milan, Italy E‐mail: alberto.dellacqua@sdabocconi.it;2. Università Bocconi, Via Sarfatti 25, 20136 Milan, Italy E‐mail: francesco.perrini@unibocconi.it;3. stefano.caselli@unibocconi.it |
| 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. |
| Keywords: | stock volatility conference calls high tech stocks voluntary disclosure G14 G32 |