Voluntary Disclosure to Influence Investor Reactions to Merger Announcements: An Examination of Conference Calls
研究发现，并购方在公告时更可能召开电话会议，且电话会议能带来更积极的市场反应，因为其提供了更多信息和前瞻性细节，且这种积极效应不会逆转。
ABSTRACT: We find that bidders are more likely to hold conference calls at merger announcements when the mergers are financed with stock and when the transactions are large. After controlling for endogeneity, we also find that conference calls are associated with more favorable market reactions to merger announcements. A content analysis of merger-related information releases for a limited subsample indicates that the more favorable reaction is related to the fact that, compared to press releases, conference calls provide a greater volume of information and place greater emphasis on forward-looking details. We find no evidence that the superior announcement returns associated with conference calls subsequently reverse or that conference calls are positively associated with pre-merger announcement abnormal accruals. Overall, the results suggest that managers use conference calls around merger announcements to credibly convey favorable private information to the market.