<p class="08BodyText" style="text-align: justify; line-height: normal; text-indent: 0in; margin: 0in 0.5in 0pt; mso-pagination: none;"><em style="mso-bidi-font-style: normal;"><span style="color: black; font-size: 10pt;"><span style="font-family: Times New Roman;">The study empirically examines changes in institutional ownership and analyst coverage in the years following conference call initiations. We find significant increases in both variables in the years following initiations of

more »

... calls after controlling for confounding factors. These results complement prior research on the benefits of disclosures and suggest that expanded disclosures create additional institutional and analyst interest in stocks.</span></span></p><p class="08BodyText" style="text-align: justify; line-height: normal; text-indent: 0in; margin: 0in 0in 0pt; mso-pagination: none;"><span style="color: black; font-size: 10pt;"><span style="font-family: Times New Roman;">&nbsp;</span></span></p>