How does FD affect the “quiet period” at the end of a quarter?
If you comply with the letter and spirit of FD, then the quiet period may become an anachronism. Quiet periods arose because updates on the quarter to analysts posed a greater risk of selective disclosure later in the quarter, when management had a better sense of where the final numbers would end up. In my view, FD discourages interim updates as to quarterly progress at any time during the quarter (unless published).
