Do market participants learn from conference calls?

We examine whether market participants learn from the information that is disseminated during the Q-and-A section of conference calls. Specifically, we investigate whether stock prices react to information on intangible assets provided during conference calls, and whether conference calls interactions with analysts affect managerial disclosure strategies. Based on an analysis of over 7,000 earnings conference calls, we document that intangible asset disclosures in conference calls have information content for market participants. We also provide evidence that managers are more likely to provide information on intangible assets in the presentation of a conference call once the issue is raised in the Q&A-section of a previous conference call. The likelihood that managers provide such information is moderated by stock price effects during the previous conference call.