Fu, Xi; Wu, Xiaoxi; Zhang, Zhifang - In: Journal of business ethics : JBE 173 (2021) 3, pp. 643-660
This paper investigates whether and how the disclosure tone of earnings conference calls predicts future stock price crash risk. Using US public firms’ conference call transcripts from 2010 to 2015, we find that firms with less optimistic tone of year-end conference calls experience higher...