Differences in Conference Call Tones: Managers Versus Analysts
46 Pages Posted: 1 Jan 2015 Last revised: 13 Aug 2015
Date Written: December 30, 2014
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
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