Market reaction to the tones of earnings conference calls
This study analyzes the different tones used by the participants in earnings conference calls and the influence on the generation of abnormal stock returns. This study fills the research gap of the segregation of tone analysis by type of analyst and corporate administratives during earnings conferen...
| Autores: | , |
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| Tipo de recurso: | artículo |
| Estado: | Versión publicada |
| Fecha de publicación: | 2021 |
| País: | Brasil |
| Institución: | Fundação Getulio Vargas (FGV) |
| Repositorio: | Revista de Administração de Empresas |
| Idioma: | portugués inglés |
| OAI Identifier: | oai:ojs.periodicos.fgv.br:article/85099 |
| Acceso en línea: | https://periodicos.fgv.br/rae/article/view/85099 |
| Access Level: | acceso abierto |
| Palabra clave: | Earnings conference calls, tone, abnormal return, buy-side and sell-side analysts, corporate representatives. Teleconferencias de resultados, tono, retorno anormal, analistas buy-side y sell-side, representantes corporativos. Teleconferências de resultados, tom, retorno anormal, analistas buy-side e sell-side, representantes corporativos. |
| Sumario: | This study analyzes the different tones used by the participants in earnings conference calls and the influence on the generation of abnormal stock returns. This study fills the research gap of the segregation of tone analysis by type of analyst and corporate administratives during earnings conference calls. The sample covered the period from 2010 to 2017, totaling 1165 earnings conference calls transcripts from 44 Brazilian companies listed in B3 - Brasil, Bolsa, Balcão. The main finding is that the transcribed tone and words based on the Loughran & McDonald (2011) dictionary, have significant predictive power over stock market reactions after earnings conference calls. |
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