Finance
Earnings Call Language and Post-Announcement Volatility
Abstract
This paper studies whether management language in earnings calls predicts volatility after formal results are released. It finds that dispersion rises when tone, confidence, and specificity diverge in ways that leave room for conflicting interpretation by investors. The evidence suggests that textual ambiguity is not just a communications detail but an observable source of post-announcement uncertainty.
Publication Metadata
Keywords
earnings callsvolatilitytext analysismarket reactions
Citation
Nina Alvarez; Peter Ho; Samuel Voss (2024). Earnings Call Language and Post-Announcement Volatility. Quarterly Review of Financial Signals. 10.48211/insight.fin.2024.3264
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