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Vocal Reciprocity in Earnings Conference Calls

Oleksandr Talavera, Shuxing Yin and Mao Zhang
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Shuxing Yin: University of Sheffield
Mao Zhang: University of St Andrews

Discussion Papers from Department of Economics, University of Birmingham

Abstract: This paper explores the interpersonal vocal communication of managers with analysts during earnings conference calls. We apply a novel machine learning technique to a sample of more than 600,000 earnings call Q&As to generate vocal emotion measures. We show evidence of emotionally reciprocal interactions in analyst-manager conversations. Negative questions asked by analysts are likely to evoke negative vocal responses from managers. This vocal reciprocity is stronger when the respondent manager is female, but weaker when the analyst is new to the firm and when the analyst dialogues with the CEO or with an older manager. We also document that analysts incorporate emotionally charged information when forecasting earnings.

Keywords: conference calls; vocal emotion; manager-analyst conversation; gender; market reaction (search for similar items in EconPapers)
JEL-codes: G10 G14 G30 G41 J16 M14 (search for similar items in EconPapers)
Pages: 38 pages
Date: 2022-10
New Economics Papers: this item is included in nep-big and nep-cmp
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Persistent link: https://EconPapers.repec.org/RePEc:bir:birmec:22-11

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