Purpose – This study aims to examine the effect of the Securities and Exchange Commission's regulation fair disclosure (Reg. FD) on analyst forecast performance for pre-Reg. FD closed-call (CLC) and open-call (OPC) firms compared with the non-conference-call (NCC) firms in the post-Reg. FD...

This study examines whether analysts' forecast revisions exhibited increased herding behavior following the adoption of Regulation Fair Disclosure. A recent model by Arya, Mittendorf, and Narayanamoorthy (2005) projects that one potential consequence of Regulation Fair Disclosure might be...