000			01990nab a2200205 4500
999			_c199666 _d199666
003			OSt
005			20200226102054.0
008			200129s2016 xxu|||||r|||| 00| 0 eng d
040			_aCO-BoUGC _cCO-BoUGC
100	1		_aLee, Joshua _9177354
245	1	0	_aCan investors detect managers' lack of spontaneity? _bAdherence to predetermined scripts during earnings conference calls _cJoshua Lee
300			_aPáginas 229 a la 250
520	3		_aThis paper examines whether market participants infer negative information about future unexpected firm performance when managers adhere to pre-determined scripts when responding to questions during earnings conference calls. I argue that managers respond to questions from prepared scripts to avoid the disclosure of bad news. Using a measure of the adherence to pre-determined language, I provide evidence that a lack of spontaneity is negatively associated with the market reaction to the call and with the abnormal returns in the subsequent quarter. I further find that analysts downgrade their forecasts following these calls. I also provide evidence that adherence to pre-determined language is negatively associated with future unexpected firm accounting performance, supporting investors’ negative response to it. Finally, I find that bid-ask spreads increase and firms are less likely to guide future earnings when managers adhere to the pre-determined language of a script, suggesting that firms provide less information, not more, during these calls.
650	1	4	_991036 _aContabilidad _vPublicaciones seriadas
650	2	4	_aEjecutivos _xResponsabilidad profesional _vPublicaciones seriadas _9178477
650	2	4	_aAnálisis del discurso _vPublicaciones seriadas _9178478
650	2	4	_aCapitalistas _vPublicaciones seriadas _9178479
773	0		_082265 _9372813 _aThe accounting review 2016 V.91 No. 1 (Jan) _o0000002030250 _x0001-4826 (papel) _h22 páginas _nIncluye figuras, tablas, referencias bibliográficas y apéndices
942			_2ddc _cART