Accounting Papers

Document Type

Journal Article

Date of this Version

12-2011

Publication Source

Journal of Accounting Research

Volume

49

Issue

5

Start Page

1163

Last Page

1192

DOI

10.1111/j.1475-679X.2011.00426.x

Abstract

Conference presentations differ from other voluntary disclosures in that the audience for the disclosure is co-located with managers in a well-defined physical and social setting, or “disclosure milieu.” The milieu affects the degree to which conference participants can update their prior beliefs about the firm with information signals obtained through interactions with management and other informed participants. While the average abnormal stock return and volume reactions to presentations are positive, there is a great deal of cross-sectional variation as indicated by negative median reactions. We find that conference characteristics that determine the nature of the audience and its interactions, such as sponsor, location, size, and industry-focus, are significantly associated with the market reaction, consistent with the disclosure milieu explaining the cross-sectional variation in the information content of the presentation. We also find that conference characteristics explain changes in subsequent analyst and institutional investor following, consistent with the disclosure milieu creating differences in access to management by potential new investors and analysts.

Copyright/Permission Statement

This is the peer reviewed version of the following article: BUSHEE, B. J., JUNG, M. J. and MILLER, G. S. (2011), Conference Presentations and the Disclosure Milieu. Journal of Accounting Research, 49: 1163–1192. , which has been published in final form at DOI: 10.1111/j.1475-679X.2011.00426.x. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Self-Archiving http://olabout.wiley.com/WileyCDA/Section/id-820227.html#terms.

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Date Posted: 27 November 2017

This document has been peer reviewed.