Bridge over ocean
1 July 2015 Financial Analysts Journal Volume 71, Issue 4

Differences in Conference Call Tones: Managers vs. Analysts

  1. Paul Brockman
  2. Xu Li
  3. S. McKay Price

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

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