which the market embeds information contained in the tone (i.e. sentiment) of conference call wording is unknown. Using …

tabulations). However, this type of soft information can be subtle, context-specific, and difficult to interpret. Moreover, the … literature suggests cross-sectional variation in information processing skills among investors. Thus, we test whether … investors due to the lack of reliability they place on this soft information results in overpricing of the stock. However, it …

empirically demonstrate that returns significantly react to the real-time information flow, and that traders indeed herd in their … and in buy/sell side herding is considerably influenced by information flows. Since the market also reacts to this type of … information disclosure, earnings and dividend announcements do not constitute the only source of information for determining asset …