| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP10364 |
| DP10364 Reading Managerial Tone: How Analysts and the Market Respond to Conference Calls | |
| Richard Zeckhauser; Alexander F. Wagner | |
| 发表日期 | 2015-01-25 |
| 出版年 | 2015 |
| 语种 | 英语 |
| 摘要 | Conference call tone predicts future earnings and uncertainty. ?Tone disappointment? (excessive negativity) predicts more strongly than ?tone delight? (excessive positivity). However, analysts and investors respond more quickly to delight than disappointment. Consequently, stock prices drift downward after their initial reaction to tone disappointment. Tone surprises move stock prices more in those firms where tone surprise predicts earnings and uncertainty more strongly. These results hold even after controlling for negativity of words in the earnings press release, analyst expectations, the firm?s recent performance, and CEO fixed effects. Together, these coherent results suggest that market participants distill value-relevant information from conference calls. |
| 主题 | Financial Economics |
| 关键词 | Price drift Information transmission Analysts Earnings conference calls Managerial tone Textual analysis |
| URL | https://cepr.org/publications/dp10364 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/539195 |
| 推荐引用方式 GB/T 7714 | Richard Zeckhauser,Alexander F. Wagner. DP10364 Reading Managerial Tone: How Analysts and the Market Respond to Conference Calls. 2015. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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