Vocal delivery quality in earnings conference calls

• 成果类型: Article
• 署名作者: Baik, Bok; Kim, Alex G.; Kim, David S.; Yoon, Sangwon
• 署名单位: Seoul National University (SNU); University of Chicago; Massachusetts Institute of Technology (MIT); Korea University
• 刊物名称: JOURNAL OF ACCOUNTING & ECONOMICS
• ISSN/ISSBN: 0165-4101; 1879-1980
• DOI: 10.1016/j.jacceco.2024.101763
• 发表日期: 2025-08
• 页码: 101763
• 关键词: Earnings conference call; Vocal delivery quality; Oral disclosures; Audio disclosures; information processing costs; Acoustic comprehensibility; investor sophistication; information-content; REPORT READABILITY; TASK COMPLEXITY; STOCK; analysts; Timeliness; speaking; hearing; VOICE

摘要

We study the economic consequences of managers' vocal delivery quality during earnings conference calls. We introduce a novel measure, vocal delivery quality, that captures the acoustic comprehensibility of audio information for an average listener. Our measure relies on a deep-learning algorithm applied to a large sample of earnings call audio files. Consistent with predictions from the psychology and accounting literatures, we find evidence that the quality of managers' vocal delivery deteriorates when they deliver negative news, such as a decrease in earnings or negative narrative information, and positive but transitory earnings news. We show that the stock market reacts in real time to managers' vocal delivery quality. We also document that the vocal delivery quality has an effect on information intermediaries such as analysts and the media. Overall, our findings underscore the role of vocal dimensions in corporate oral disclosures.