模糊性
语调(文学)
收益
心理学
库存(枪支)
股票价格
情绪分析
股票市场
会计
业务
语言学
计算机科学
自然语言处理
人工智能
生物
工程类
哲学
系列(地层学)
古生物学
机械工程
马
模糊逻辑
作者
Chiara De Amicis,Sonia Falconieri,Mesut Tastan
标识
DOI:10.1016/j.jcorpfin.2020.101809
摘要
We apply textual analysis to the transcripts of nearly 78,000 earnings conference calls between 2004 and 2018, comparing the difference in sentiment between female and male senior managers (CEOs and CFOs). We focus on two main measures of sentiment: tone and vagueness. Our contribution is twofold. Firstly, we show that female executives employ a more positive and less vague tone than their male colleagues during conference calls. The more positive and less vague tone of female executives does not reflect incremental information content but instead appears to be a linguistic feature that distinguishes female from male executives. Secondly, we find that financial analysts participating in conference calls exhibit a gender bias as they are less positive and more vague when facing a female executive. However, the stock market reaction to the call is affected by the sentiment of the call, but not by the executive's gender.
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