The Power of Voice: Managerial Affective States and Future Firm Performance
Identifieur interne : 000213 ( Main/Exploration ); précédent : 000212; suivant : 000214The Power of Voice: Managerial Affective States and Future Firm Performance
Auteurs : William J. Mayew ; Mohan VenkatachalamSource :
- The Journal of Finance [ 0022-1082 ] ; 2012-02.
English descriptors
- Teeft :
- Accounting research, Acoustic, Acoustic features, Actual earnings, Additional analyses, Affective, Affective state, Affective states, Analyst, Analyst expectations, Analyst forecast revisions, Analyst recommendations, Answer portion, Audio, Base layer, Cambridge university press, Capital market, Cognition, Cognition level, Cognitive, Cognitive dissonance, Conclusion variables, Contemporaneous, Contemporaneous market reaction, Contemporaneous stock market reaction, Contemporaneous stock returns, Cue, Database, Deception, Descriptive statistics, Dissonance, Earnings, Earnings announcement, Earnings conference, Earnings expectations, Earnings forecasts, Earnings news, Earnings press releases, Elkins, Emotion level, Emotional contagion, Emotional state, Emotional states, Empirical analysis, Empirical results, Entire conference, Facial expressions, Forecast, Forecast revision activity, Frev, Fundamental frequency, Fundamental variables, Future earnings, Future earnings news, Future performance, Future research, Future returns, Future stock returns, Global stress, Good news, Higher levels, Information content, Initial sample, Institutional holdings, Institutional ownership, Internet appendix, Investor, Linguistic content, Linguistic tone, Lnmve, Loughran, Managerial affective states, Managers exhibit, Market participants, Market reaction, Market value, Mcdonald, Median, Median forecast, Metrics, Naff, Nancial, Nancial future, Nancial markets, Nding, Ndings, Negative affective state, Negative affective states, Negative words, Negwords, News press releases, News releases, Nonverbal, Nonverbal communication, Nonverbal cues, Other words, Owren, Paff, Paff naff, Parenthesis, Plausible explanation, Polygraph, Positive affective state, Positive words, Poswords, Poswords negwords, Praat, Predictive ability, Presentation portion, Press release, Press releases, Private information, Psychological bulletin, Psychological discomfort, Quantitative information, Recommendation changes, Recrev, Regression estimation, Reuters, Robust, Sample observations, Scherer, Share forecasts, Shorter duration, Sign intercept paff, Social psychology, Software, Standard deviation, Statistical association, Stock price, Stock recommendations, Stock returns, Summary consensus, Table panel, Table reports, Tetlock, Thomson reuters, Time period, Tobit, Trading days, Unexpected earnings, Useful information, Verbal communication, Verbal content, Vocal attributes, Vocal cues, Vocal measures, Voice analysis.
Abstract
We measure managerial affective states during earnings conference calls by analyzing conference call audio files using vocal emotion analysis software. We hypothesize and find that, when managers are scrutinized by analysts during conference calls, positive and negative affects displayed by managers are informative about the firm's financial future. Analysts do not incorporate this information when forecasting near‐term earnings. When making stock recommendation changes, however, analysts incorporate positive but not negative affect. This study presents new evidence that managerial vocal cues contain useful information about a firm’s fundamentals, incremental to both quantitative earnings information and qualitative “soft” information conveyed by linguistic content.
Url:
DOI: 10.1111/j.1540-6261.2011.01705.x
Affiliations:
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appendix</term><term>Investor</term><term>Linguistic content</term><term>Linguistic tone</term><term>Lnmve</term><term>Loughran</term><term>Managerial affective states</term><term>Managers exhibit</term><term>Market participants</term><term>Market reaction</term><term>Market value</term><term>Mcdonald</term><term>Median</term><term>Median forecast</term><term>Metrics</term><term>Naff</term><term>Nancial</term><term>Nancial future</term><term>Nancial markets</term><term>Nding</term><term>Ndings</term><term>Negative affective state</term><term>Negative affective states</term><term>Negative words</term><term>Negwords</term><term>News press releases</term><term>News releases</term><term>Nonverbal</term><term>Nonverbal communication</term><term>Nonverbal cues</term><term>Other words</term><term>Owren</term><term>Paff</term><term>Paff naff</term><term>Parenthesis</term><term>Plausible explanation</term><term>Polygraph</term><term>Positive affective state</term><term>Positive 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We hypothesize and find that, when managers are scrutinized by analysts during conference calls, positive and negative affects displayed by managers are informative about the firm's financial future. Analysts do not incorporate this information when forecasting near‐term earnings. When making stock recommendation changes, however, analysts incorporate positive but not negative affect. This study presents new evidence that managerial vocal cues contain useful information about a firm’s fundamentals, incremental to both quantitative earnings information and qualitative “soft” information conveyed by linguistic content.</div></front></TEI><affiliations><list></list><tree><noCountry><name sortKey="Mayew, William J" sort="Mayew, William J" uniqKey="Mayew W" first="William J." last="Mayew">William J. 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