Market Reactions to Gendered Speech Patterns

Abstract

We analyse the influence of gendered speech patterns on the credibility of corporate executives. Using audio recordings, we focus on the occurrence of uptalk (rising intonation) among executives during earnings calls. Uptalk by female, but not male, executives predicts lower earnings and prompts analysts to issue lower recommendations and earnings forecasts, although these do not fully reflect the signal. Bid-ask spreads widen when female executives speak and use uptalk. These findings are consistent with the hypothesis that uptalk is a female-typed characteristic signalling uncertainty. 

Keywords: Gender, uptalk, earnings, stereotyping, audio recordings D91, J16, G17, G41

JEL Classification: D91, J16, G17, G41