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Earnings Conference Calls And Institutional Monitoring: Evidence From Textual Analysis

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  • Arash Amoozegar
  • Dave Berger
  • Xueli Cao
  • Kuntara Pukthuanthong

Abstract

We document the effects of institutional investors on the qualitative information disclosure of firms during earnings conference calls. Using conference call and institutional ownership data between 2005 and 2016, we find that aggregate institutional ownership dampens conference call tone. The effects of institutional investors on tone are causal based on results from indexed firms. Consistent with hypotheses regarding investors' horizons, short‐term institutional investors are associated with a more positive conference call tone, as well as more opportunistic trading, whereas long‐term investors are associated with a more negative tone. Market participants can generally disentangle the impact of institutional investors on tone based on investor type.

Suggested Citation

  • Arash Amoozegar & Dave Berger & Xueli Cao & Kuntara Pukthuanthong, 2020. "Earnings Conference Calls And Institutional Monitoring: Evidence From Textual Analysis," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 43(1), pages 5-36, March.
    • Handle: RePEc:bla:jfnres:v:43:y:2020:i:1:p:5-36
    DOI: 10.1111/jfir.12199
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    Cited by:

    1. Perico Ortiz, Daniel & Schnaubelt, Matthias & Seifert, Oleg, 2023. "A topic modeling perspective on investor uncertainty," FAU Discussion Papers in Economics 04/2023, Friedrich-Alexander University Erlangen-Nuremberg, Institute for Economics.
    2. Andrew Todd & James Bowden & Yashar Moshfeghi, 2024. "Text‐based sentiment analysis in finance: Synthesising the existing literature and exploring future directions," Intelligent Systems in Accounting, Finance and Management, John Wiley & Sons, Ltd., vol. 31(1), March.
    3. Florian Kiesel, 2021. "It's the tone, stupid! Soft information in credit rating reports and financial markets," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 44(3), pages 553-585, September.

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