Survey Results: Analyst "Quiet Period" Practices


1. Our company: (Total responses: n=66)
(select only one)
n=8 (12.12%) Has a separate policy addressing quiet periods for analysts
n=26 (39.39%) Has a policy addressing quiet periods for analysts, but it is part of our Regulation FD policy
n=8 (12.12%) Has a policy addressing quiet periods for analysts, but it is part of our insider trading policy
n=24 (36.36%) No, our company doesn't have a policy addressing quiet periods for analysts

2. Our quiet period policy for analysts provides that the quiet period commences: (Total responses: n=48)
(select only one)
n=5 (10.42%) More than three weeks before an earnings announcement
n=12 (25.00%) Between two-three weeks before an earnings announcement
n=4 (8.33%) Less than two weeks before an earnings announcement
n=4 (8.33%) More than two weeks before a quarter ends
n=11 (22.92%) Between one-two weeks before a quarter ends
n=3 (6.25%) One week or less before a quarter ends
n=7 (14.58%) Exactly when a quarter ends
n=2 (4.17%) Sometime after a quarter ends

3. Our quiet period policy for analysts is: (Total responses: n=56)
(select only one)
n=30 (53.57%) Has the exact same parameters as our trading blackout period (ie. when insiders are prohibited from making trades in the company's stock)
n=5 (8.93%) Has different parameters than our trading blackout period, as the quiet period for analysts commences at least two weeks earlier
n=3 (5.36%) Has different parameters than our trading blackout period, as the quiet period for analysts commences between one-two weeks earlier
n=8 (14.29%) Has different parameters than our trading blackout period, as the quiet period for analysts commences later than the blackout period
n=10 (17.86%) We don't have a quiet period policy for analysts