Who is Talking about Whom? Determinants and Consequences
Who is Talking about Whom? Determinants and Consequences
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Date
2020
Authors
Ward, Gerald Timothy Crawford
Advisor
Cheng, Shijun
Zur, Emannuel
Zur, Emannuel
Citation
DRUM DOI
Abstract
Despite the importance of peer firm information in capital markets, we know little about what peer firms say about each other in financial disclosures. This paper provides evidence on this topic and documents that approximately 17 percent of earnings conference calls contain at least one peer firm mention from managers. I also find that managers are, on average, more likely to mention peer firms with superior performance. This tendency, however, is less pronounced around upward perception events. Finally, I provide evidence that capital market participants find peer firm mentions informative.