• A
  • A
  • A
  • ABC
  • ABC
  • ABC
  • А
  • А
  • А
  • А
  • А
Regular version of the site

The Effect of Earnings Conference Calls on Stock Returns

Student: Ilia Dmitriev

Supervisor: Victoria V. Dobrynskaya

Faculty: Faculty of Economic Sciences

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.

Student Theses at HSE must be completed in accordance with the University Rules and regulations specified by each educational programme.

Summaries of all theses must be published and made freely available on the HSE website.

The full text of a thesis can be published in open access on the HSE website only if the authoring student (copyright holder) agrees, or, if the thesis was written by a team of students, if all the co-authors (copyright holders) agree. After a thesis is published on the HSE website, it obtains the status of an online publication.

Student theses are objects of copyright and their use is subject to limitations in accordance with the Russian Federation’s law on intellectual property.

In the event that a thesis is quoted or otherwise used, reference to the author’s name and the source of quotation is required.

Search all student theses