Manager-analyst conversations in earnings conference calls

• 成果类型: Article
• 署名作者: Chen, Jason V.; Nagar, Venky; Schoenfeld, Jordan
• 署名单位: University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; University of Michigan System; University of Michigan; Georgetown University
• 刊物名称: REVIEW OF ACCOUNTING STUDIES
• ISSN/ISSBN: 1380-6653
• DOI: 10.1007/s11142-018-9453-3
• 发表日期: 2018
• 页码: 1315-1354
• 关键词: SELL-SIDE ANALYSTS; information-content; disclosure medium; revisions; PRESENTATIONS; DYNAMICS; prices; matter; stocks; news

摘要

Prior research finds that intraday stock prices move considerably during the discussion period of earnings conference calls. In this study, we explore what features of the manager-analyst dialogue during the discussion drive these price movements. We textually analyze the tone of managers and analysts and find that intraday prices react significantly to analyst tone, but not to management tone, for the full duration of the discussion. This effect strengthens when analyst tone is relatively negative. We then present intraday visual evidence that analysts are more neutral than managers over the call and that the tones of both parties drift downward as the call progresses. Overall, our findings illustrate how manager-analyst information exchanges evolve on earnings calls and indicate that analysts are the participants on earnings calls whose comments move stock prices during the discussion.