Review of Accounting Studies, 3, 169–173 (1998) ° c 1998 Kluwer Academic Publishers, Boston. Manufactured in The Netherlands. Discussion of “Bridging the Information Gap: Quarterly Conference Calls as a Medium for Voluntary Disclosure” MARK LANG Kenan-Flagler Business School, University of North Carolina My comments have three parts: (1) a characterization of the literature, (2) a discussion of this paper’s contributions and limitations, and (3) some thoughts on potential directions for future research on conference calls. Literature At least three observations probably account for the substantial research literature on vol- untary disclosure. First, there is a signiﬁcant gap between the potentially value-relevant information that managers have and what they are required to disclose. Management faces a demand for additional information and continually chooses a response to that information asymmetry. Second, voluntary disclosure is pervasive. Management consistently provides informa- tion not required under the mandatory reporting system. At one extreme is purely voluntary disclosure like many press releases and direct communications with analysts. At the other extreme, management chooses how much detail to provide in the ﬁnancial statements and which accounting methods to employ. Third, ﬁrms’ disclosure policies seem to systemati- cally differ in terms of the amount and types of
Review of Accounting Studies – Springer Journals
Published: Oct 6, 2004
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