Discussion of “Bridging the Information Gap: Quarterly Conference Calls as a Medium for Voluntary Disclosure”

Discussion of “Bridging the Information Gap: Quarterly Conference Calls as a Medium for... 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 http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Review of Accounting Studies Springer Journals

Discussion of “Bridging the Information Gap: Quarterly Conference Calls as a Medium for Voluntary Disclosure”

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Publisher
Kluwer Academic Publishers
Copyright
Copyright © 1998 by Kluwer Academic Publishers
Subject
Business and Management; Accounting/Auditing; Corporate Finance; Public Finance
ISSN
1380-6653
eISSN
1573-7136
D.O.I.
10.1023/A:1009636618973
Publisher site
See Article on Publisher Site

Abstract

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

Journal

Review of Accounting StudiesSpringer Journals

Published: Oct 6, 2004

References

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