Conference presentations differ from other voluntary disclosures in that the audience for the disclosure is co-located with managers in a well-defined physical and social setting, or “disclosure milieu.” The milieu affects the degree to which conference participants can update their prior...

We examine how the co-location of firms in the same industry affects analysts' cost of gathering and processing information. We find that when the firms in an analyst's portfolio are located farther away from other firms in the same industry, the analyst's portfolio size is smaller and average...