The Review of Financial Studies, Volume 31, Issue 10, 1 October 2018, Pages 3895–3936

电话会议语调对市场价值不确定性的影响

作者：Paul A.Borochin(University of Connecticut)

James E.Cicon(University of Central Missouri)

R. JaredDeLisle(Utah State University)

S. McKayPrice(Lehigh University)

摘要：季度收益电话会议传达了基本信息，以及经理和分析师对公司的看法。我们研究了公司估值的市场不确定性如何受到电话会议语调的影响。通过对美国公司所有公开盈余报告电话（2002-2012）的文本分析，我们发现电话会议语调的衡量指标与股票期权市场的公司价值不确定性指标呈负相关。总体而言，虽然价值不确定性对分析师的语气比管理者语气更敏感，但分析师和经理人之间的语调差异与价值不确定性的增加密切相关。语调差异向市场参与者传达重要信号。

The effects of conference call tones on market perceptions of value uncertainty

Paul A.Borochin(University of Connecticut); James E.Cicon(University of Central Missouri);R. JaredDeLisle(Utah State University);S. McKayPrice(Lehigh University)

ABSTRACT

Quarterly earnings conference calls convey fundamental information, as well as manager and analyst opinion about the firm. We examine how market uncertainty regarding firm valuation is affected by conference call tones. Using textual analysis of all publicly available earnings calls (2002–2012) for U.S. firms, we find measures of conference call tones are negatively related to measures of firm value uncertainty from the equity options market. Overall, while value uncertainty is more sensitive to analyst tones than manager tones, differences between analyst and manager tones are strongly associated with increases in value uncertainty. Tone spreads convey important signals to market participants.

原文链接：https://www.sciencedirect.com/science/article/pii/S1386418117301143

翻译：黄涛