Differences in Conference Call Tones: Managers Versus Analysts

46 Pages Posted: 1 Jan 2015 Last revised: 13 Aug 2015

See all articles by Paul Brockman

Paul Brockman

Lehigh University - College of Business

Xu Li

The University of Hong Kong

S. McKay Price

Lehigh University - Perella Department of Finance

Date Written: December 30, 2014

Abstract

In this study we extracted the linguistic tones of managers and analysts during earnings conference calls and compared the differences between them. We found that manager tones convey much more optimism (less pessimism) than their analyst counterparts and investors (particularly institutional investors) react more strongly to analyst tones.

Keywords: Conference calls, Textual analysis, Managers, Financial analysts, Market reaction

JEL Classification: G02, G14, M14

Suggested Citation

Brockman, Paul and Li, Xu and Price, S. McKay, Differences in Conference Call Tones: Managers Versus Analysts (December 30, 2014). Financial Analysts Journal, Vol. 71, No. 4, pp. 24-42, July/August 2015. Available at SSRN: https://ssrn.com/abstract=2543993 or http://dx.doi.org/10.2139/ssrn.2543993

Paul Brockman

Lehigh University - College of Business ( email )

Bethlehem, PA 18015
United States

Xu Li

The University of Hong Kong ( email )

Pokfulam Road
Hong Kong, Pokfulam HK
China

S. McKay Price (Contact Author)

Lehigh University - Perella Department of Finance ( email )

621 Taylor Street
Bethlehem, PA 18015
United States
610-758-4787 (Phone)

HOME PAGE: http://www.mckayprice.com

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