Resumen de Differences in conference call tones: : Managers vs. Analysts

Paul Brockman, Xu Li, 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.