Staff View
Value of conference calls

Descriptive

TitleInfo
Title
Value of conference calls
SubTitle
content and timing
Name (type = personal)
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Xu
NamePart (type = given)
Ke
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Ke Xu
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author
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Palmon
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Dan
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Dan Palmon
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Advisory Committee
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chair
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Sarath
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Bharat
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Bharat Sarath
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Advisory Committee
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internal member
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Zhang
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Li
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Li Zhang
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Advisory Committee
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internal member
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Ari
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Ari Yezegel
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Advisory Committee
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outside member
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Rutgers University
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degree grantor
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Graduate School - Newark
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school
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Text
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theses
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2017
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2017-05
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2017
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xx
Language
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eng
Abstract (type = abstract)
This dissertation consists of three essays investigating the information value of conference calls, the value implication in different trading periods, and the change in management disclosure behavior after shareholder litigation. The first essay studies the functional meaning of word usage in conference calls. I document evidence that managers’ use of contrastive words improves disclosure informativeness as it provides more value-relevant information to investors. Further, the analyses show that the use of contrastive words explains some of the instances in which share prices react positively to unfavorable earnings news. Finally, I find that disclosure reported after the contrastive word “but” is more informative than disclosure communicated before. Overall, the results support the conjecture that the informativeness of conference alls comes largely from its interpretation role. In the second essay, I document that conference calls significantly facilitate trading activity and improve price discovery in the after-hours market, which is characterized by extremely low liquidity and noisy information environment. Further, I show that informative signals of after-hours conference calls are largely incorporated into returns in after-hours as opposed to in the following regular hours, which suggests selective benefit for after-hours participants and underestimated effect of after-hours conference calls in the prior literature. Finally, I find that after-hours conference calls cause larger market reaction than regular hours conference calls, and this difference is attributable to more informed trades in after-hours. Overall, the results suggest that it is important to account for after-hours trading to understand the value and implication of the disclosed information in conference calls. The third essay examines how managers’ qualitative disclosure changes after shareholder litigation. Qualitative information and forward-looking statements are often considered too soft to be material and actionable. However, I find evidence that after litigation managers use more negative tone in their overall and forward-looking statements, which suggests that managers concern that disclosure in optimistic tone will impose them to a higher litigation risk. In addition, as news media increase managers’ exposure to litigation risk, I show that media coverage facilitates the changing process in qualitative disclosure, which provides additional evidence that outside information environment influences management disclosure behavior.
Subject (authority = RUETD)
Topic
Management
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Title
Rutgers University Electronic Theses and Dissertations
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ETD
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ETD_8122
PhysicalDescription
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electronic resource
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application/pdf
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text/xml
Extent
1 online resource (ix, 155 p. : ill.)
Note (type = degree)
Ph.D.
Note (type = bibliography)
Includes bibliographical references
Subject (authority = ETD-LCSH)
Topic
Telephone conferencing
Note (type = statement of responsibility)
by Ke Xu
RelatedItem (type = host)
TitleInfo
Title
Graduate School - Newark Electronic Theses and Dissertations
Identifier (type = local)
rucore10002600001
Location
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NjNbRU
Identifier (type = doi)
doi:10.7282/T30Z766K
Genre (authority = ExL-Esploro)
ETD doctoral
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Rights

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The author owns the copyright to this work.
RightsHolder (type = personal)
Name
FamilyName
Xu
GivenName
Ke
Role
Copyright Holder
RightsEvent
Type
Permission or license
DateTime (encoding = w3cdtf); (qualifier = exact); (point = start)
2017-04-25 04:22:51
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Name
Ke Xu
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Affiliation
Rutgers University. Graduate School - Newark
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Author Agreement License
Detail
I hereby grant to the Rutgers University Libraries and to my school the non-exclusive right to archive, reproduce and distribute my thesis or dissertation, in whole or in part, and/or my abstract, in whole or in part, in and from an electronic format, subject to the release date subsequently stipulated in this submittal form and approved by my school. I represent and stipulate that the thesis or dissertation and its abstract are my original work, that they do not infringe or violate any rights of others, and that I make these grants as the sole owner of the rights to my thesis or dissertation and its abstract. I represent that I have obtained written permissions, when necessary, from the owner(s) of each third party copyrighted matter to be included in my thesis or dissertation and will supply copies of such upon request by my school. I acknowledge that RU ETD and my school will not distribute my thesis or dissertation or its abstract if, in their reasonable judgment, they believe all such rights have not been secured. I acknowledge that I retain ownership rights to the copyright of my work. I also retain the right to use all or part of this thesis or dissertation in future works, such as articles or books.
RightsEvent
DateTime (encoding = w3cdtf); (qualifier = exact); (point = start)
2017-05-31
DateTime (encoding = w3cdtf); (qualifier = exact); (point = end)
2017-11-30
Type
Embargo
Detail
Access to this PDF has been restricted at the author's request. It will be publicly available after November 30th, 2017.
Copyright
Status
Copyright protected
Availability
Status
Open
Reason
Permission or license
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Technical

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2017-05-08T14:45:12
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2017-05-08T14:45:12
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