Abstract
This executive summary presents key insights from the working paper “Understanding Earnings Quiet Periods” (Calvin, 2013), which analyzed survey responses from 455 members of the S&P 1500 regarding quarterly quiet period policies. Formal quiet period policies exist for 81% of respondents. Firms with quiet period policies exhibit substantially lower levels of disclosure during quiet periods than when outside of quiet periods, but this reduction in disclosure levels is also observed in firms without formal quiet period policies. These results are potentially consistent with the informal adoption of quiet period policies by firms who do not formally label themselves as quiet period firms. In such a case, the formal adoption of a quiet period policy may not signal any meaningful difference in disclosure practices to capital market participants.
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