Straight talkers and vague talkers : the effects of managerial style in earnings conference calls

Michal Dzielinski (Stockholm University), Alexander F. Wagner (Harvard University), Richard J. Zeckhauser (Harvard Kennedy School)

Managers conducting earnings conference calls display distinctive styles in their word choice. Some CEOs and CFOs routinely use qualifying words such as "approximately", "probably", and "maybe". They are vague talkers. Straight talkers, by contrast, use such words less frequently. Analysts and the stock market respond more strongly to earnings news conveyed by straight talkers. Past performance does not explain the style of a newly appointed CEO, but when a firm does appoint a more straight-talking CEO, Tobin's Q increases and analyst recommendations become more favorable. Overall, investors and analysts appear to value straight talk

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Year of publication:	May 11, 2017
Authors:	Dzielinski, Michal ; Wagner, Alexander F. ; Zeckhauser, Richard
Publisher:	[Cambridge, MA] : Harvard Kennedy School, John F. Kennedy School of Government
Subject:	Führungskräfte \| Managers \| Gewinnprognose \| Earnings announcement \| Investor Relations \| Investor relations \| Vortragstechnik \| Public speaking skills \| Wirkungsanalyse \| Impact assessment \| Finanzanalyse \| Financial analysis \| USA \| United States \| 2003-2015

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Extent:	1 Online-Ressource (circa 65 Seiten) Illustrationen
Series:	Faculty research working paper series / John F. Kennedy School of Government, Harvard University. - Cambridge, Mass., ZDB-ID 2123740-2. - Vol. RWP17, 017 (April 2017) HKS Working Paper ; No. RWP17-017 Research paper series / Swiss Finance Institute. - Geneva, ZDB-ID 2392286-2. - Vol. no. 17, 13
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Arbeitspapier ; Working Paper ; Graue Literatur ; Non-commercial literature
Language:	English
Notes:	Angabe des 2. Gesamttitel laut SSRN-Frontdoor
Other identifiers:	10.2139/ssrn.2965108 [DOI]
Classification:	G14 - Information and Market Efficiency; Event Studies ; G30 - Corporate Finance and Governance. General
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10011665854