of momentum traders in a sample of 692 fund managers. We find that momentum traders are 'defined' by their short … managers with respect to sophistication. This is consistent with the interpretation that momentum returns may compensate for …

. Overall, the results show that the time horizon of conference call narratives can be informative about managers' myopic …We study conference calls as a voluntary disclosure channel and create a proxy for the time horizon that senior … executives emphasize in their communications. We find that our measure of disclosure time horizon is associated with capital …