We study the determinants and the informational role of firms' fixed income conference calls, a unique form of voluntary disclosure that deviates from the traditional multi-purpose firm disclosures intended for all stakeholders. We find that fixed income calls are more likely to be held by firms that have more debt, lack credit ratings or have publicly traded equity, are foreign, or are experiencing losses. In a content analysis using a sample of public firms, we find that these calls discuss debt-equity conflict events, such as share repurchases, to a greater degree relative to a matched sample of earnings conference calls. Finally, we document that credit markets react to these calls, consistent with the calls providing investors new information. Overall, these results are consistent with fixed income calls meeting the differential informational demands of debt versus equity investors.

我们研究了公司固定收益电话会议的决定因素和信息作用，这是一种独特的自愿披露形式，不同于针对所有利益相关者的传统多用途公司披露。我们发现固定收益看涨期权更有可能由债务较多、缺乏信用评级或公开交易股票、外国公司或正在遭受损失的公司持有。在使用上市公司样本进行的内容分析中，我们发现与匹配的收益电话会议样本相比，这些电话更多地讨论了股票回购等债权冲突事件。最后，我们记录了信贷市场对这些电话的反应，与为投资者提供新信息的电话一致。全面的，