Conference calls and information spillover: the role of analyst participation
研究发现分析师在电话会议中的参与促使管理层收集更多信息并修正预测，尤其在分析师提出新话题或语气异常时效果更强，对经验丰富、预测能力强的分析师更显著。
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.