Who Consumes Firm Disclosures? Evidence from Earnings Conference Calls
利用专有数据，研究了季度业绩电话会议的消费群体及其消费情境，发现未持有公司股票的投资者是主要消费者，且其消费行为与未来持股和竞争对手分析相关。
ABSTRACT Using a set of proprietary records, we examine who consumes quarterly earnings conference calls and under which circumstances the calls are consumed. While there is significant interest in calls by institutional investors and sell-side analysts, we find that investors who do not hold a position in the firm are a leading consumer. We show that buy-side non-holders who consume calls are more likely to hold positions in competitors and to purchase the stock in the future. In addition, many investors who hold large positions only consume calls periodically. We also document a benefit of consuming calls by finding that the consumption of calls is associated with more informed trading decisions. Overall, our investigation illuminates the actual consumption of conference calls by different consumers and the potential benefits of consuming additional firm disclosures.