The catastrophic losses from the combined 2004 and 2005 hurricane seasons resulted in significant price increases and mass non-renewals in the residential property insurance market in Florida. The public outcry to these insurer decisions yielded a highly salient insurance pricing environment. On...

Quarterly earnings conference calls are becoming a more pervasive tool for corporate disclosure. However, the extent to which the market embeds information contained in the tone (i.e. sentiment) of conference call wording is unknown. Using computer aided content analysis, we examine the...

Using computer based content analysis, we quantify the linguistic tone of quarterly earnings conference calls for publicly traded Real Estate Investment Trusts (REITs). After controlling for the earnings announcement, we examine the relation between conference call tone and the contemporaneous...

Recent work considers whether information is simultaneously reflected in both option and equity markets. We provide new evidence supporting Black's (Financ. Anal. J. 31:36–72, 1975) conjecture that information is first revealed in option markets. Specifically, changes in call and put...

Using computer based content analysis, we quantify the linguistic tone of quarterly earnings conference calls for publicly traded Real Estate Investment Trusts (REITs). After controlling for the earnings announcement, we examine the relation between conference call tone and the contemporaneous...

Recent work has considered whether information is simultaneously reflected in both option and equity markets. We provide new evidence supporting Black's (1975) conjecture that information is first revealed in option markets. Specifically, changes in call and put open interest levels have...

Managerial, or discretionary, earnings opacity is the intentional lack of transparency to hide the intrinsic value of a firm. Opacity arises through two channels. The first is ex ante, when managers manipulate current expectations about future performance; and the second is ex post, when managers...