The Effect of Earnings Conference Calls on Stock Returns

Student: Dmitriev Ilia

Educational Programme: Strategic Corporate Finance (Master)

Year of Graduation: 2019

Earnings conference calls are becoming one of the most important tools for companies to disclose information. In this study, we investigate earnings conference calls using computer-aided content analysis and introduce a new factor – the use of uncertain words during earnings conference calls. We also demonstrate that the use of uncertain words has explanatory power over abnormal market return and help to strengthen the well-researched linguistic tone effect. Additionally, this study shows the main drivers of manager tone and uncertainty.

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