Download or read book The Use of Conference Calls as a Voluntary Disclosure Medium written by Christoph Duss and published by . This book was released on 2017 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation investigates how Swiss listed companies use conference calls as a medium for voluntary corporate disclosure. Due to the ongoing technological progress and a growing interconnectedness, conference calls have experienced an increasing popularity as an instrument for corporate disclosure. By now, two out of three Swiss listed companies are regularly holding conference calls to complement the publication of their financial reports. Compared to other communication channels, conference calls enable an interactive exchange, guarantee open and equal access, and offer a rare occasion for direct interaction with the company's top management. The findings of this dissertation's empirical analyses suggest that conference calls organising firms have more liquid shares, are followed by more research analysts, have more employees, and are less likely to report their financials according to IFRS. Furthermore, looking at the actual disclosure of new information during conference calls, this dissertation has shown that Swiss listed firms are in fact using this communication channel to disclose new value-relevant information. Call participants process the information disclosed and react accordingly, which causes an abnormal market reaction in terms of unexpected trading activities and price developments. Overall, conference calls have established themselves as a standard instrument for corporate disclosure. Firms make use of this opportunity to disclose additional information that complements other disclosures, such as financial reports or press releases.