Impact of OM Content in Earnings Calls on a Firm’s Stock Performance

References

• Alan Y, Gao GP, Gaur V (2014) Does inventory productivity predict future stock returns? A retailing industry perspective. Management Sci. 60(10):2416–2434.Link, Google Scholar
• Allee KD, DeAngelis MD (2015) The structure of voluntary disclosure narratives: Evidence from tone dispersion. J. Accounting Res. 53(2):241–274.Crossref, Google Scholar
• Barber BM, Lyon JD (1997) Detecting long-run abnormal stock returns: The empirical power and specification of test statistics. J. Financial Econom. 43(3):341–372.Crossref, Google Scholar
• Berger J, Humphreys A, Ludwig S, Moe WW, Netzer O, Schweidel DA (2020) Uniting the tribes: Using text for marketing insight. J. Marketing 84(1):1–25.Crossref, Google Scholar
• Berman R, Melumad S, Humphrey C, Meyer R (2019) A tale of two twitterspheres: Political microblogging during and after the 2016 primary and presidential debates. J. Marketing Res. 56(6):895–917.Crossref, Google Scholar
• Blau BM, DeLisle JR, Price SM (2015) Do sophisticated investors interpret earnings conference call tone differently than investors at large? Evidence from short sales. J. Corporate Finance 31:203–219.Crossref, Google Scholar
• Blei D, Ng AY, Jordan MI (2003) Latent Dirichlet allocation. J. Machine Learn. Res. 30:993–1022.Google Scholar
• Bochkay K, Hales J, Chava S (2020) Hyperbole or reality? Investor response to extreme language in earnings conference calls. Accounting Rev. 95(2):31–60.Crossref, Google Scholar
• Brockman P, Li X, Price SM (2015) Differences in conference call tones: Managers vs. analysts. Financial Anal. J. 71(4):24–42.Crossref, Google Scholar
• Bushee BJ, Gow ID, Taylor DJ (2018) Linguistic complexity in firm disclosures: Obfuscation or information? J. Accounting Res. 56(1):85–121.Crossref, Google Scholar
• Cameron AC, Gelbach JB, Miller DL (2011) Robust inference with multiway clustering. J. Bus. Econom. Statist. 29(2):238–249.Crossref, Google Scholar
• Chen H, Frank MZ, Wu OQ (2005) What actually happened to the inventories of American companies between 1981 and 2000? Management Sci. 51(7):1015–1031.Link, Google Scholar
• Chen H, Frank MZ, Wu OQ (2007) Us retail and wholesale inventory performance from 1981 to 2004. Manufacturing Service Oper. Management 9(4):430–456.Link, Google Scholar
• Davis AK, Ge W, Matsumoto D, Zhang JL (2015) The effect of manager-specific optimism on the tone of earnings conference calls. Rev. Account. Stud. 20:639–673.Crossref, Google Scholar
• Ding L, Lam HK, Cheng T, Zhou H (2018) A review of short-term event studies in operations and supply chain management. Internat. J. Production Econom. 200:329–342.Crossref, Google Scholar
• Durán P, Malvern D, Richards B, Chipere N (2004) Developmental trends in lexical diversity. Appl. Linguist. 25(2):220–242.Crossref, Google Scholar
• Dzieliński M, Wagner AF, Zeckhauser RJ (2017) Straight talkers and vague talkers: The effects of managerial style in earnings conference calls. NBER Working Paper No. 23425, National Bureau of Economic Research, Cambridge, MA.Google Scholar
• FACTSET (2022) Third highest number of S&P 500 cos. citing “supply chain” on q1 earnings calls in over 10 years. Accessed June 23, 2023, https://insight.factset.com/third-highest-number-of-sp-500-cos.-citing-supply-chain-on-q1-earnings-calls-in-over-10-years#:∼:text=In%20fact%2C%20this%20is%20the,which%20occurred%20in%20Q3%202021.Google Scholar
• Fama EF (1998) Market efficiency, long-term returns, and behavioral finance. J. Financial Econom. 49(3):283–306.Crossref, Google Scholar
• Fergadiotis G, Wright HH, Green SB (2015) Psychometric evaluation of lexical diversity indices: Assessing length effects. J. Speech Lang. Hear. Res. 58(3):840–852.Crossref, Google Scholar
• Frankel R, Johnson M, Skinner DJ (1999) An empirical examination of conference calls as a voluntary disclosure medium. J. Accounting Res. 37(1):133–150.Crossref, Google Scholar
• Fu X, Wu X, Zhang Z (2019) The information role of earnings conference call tone: Evidence from stock price crash risk. J. Bus. Ethics 18:1–18.Google Scholar
• Gallaher ST, Kaniel R, Starks LT (2009) Advertising and mutual funds: From families to individual funds. Preprint, submitted March 23, http://dx.doi.org/10.2139/ssrn.1362535.Google Scholar
• Hendricks KB, Singhal VR (2003) The effect of supply chain glitches on shareholder wealth. J. Oper. Management 21(5):501–522.Crossref, Google Scholar
• Hendricks KB, Singhal VR, Wiedman CI (1995) The impact of capacity expansion on the market value of the firm. J. Oper. Management 12(3–4):259–272.Crossref, Google Scholar
• Homburg C, Theel M, Hohenberg S (2020) Marketing excellence: Nature, measurement, and investor valuations. J. Marketing 84(4):1–22.Crossref, Google Scholar
• Hulth A, Karlgren J, Jonsson A, Boström H, Asker L (2001) Automatic keyword extraction using domain knowledge. Internat. Conf. Intelligent Text Processing Comput. Linguistics (Springer, Berlin, Heidelberg), 472–482.Google Scholar
• Jacobson R, Mizik N (2009) The financial markets and customer satisfaction: Re-examining the value implications of customer satisfaction from the efficient markets perspective. Marketing Sci. 28(5):810–819.Link, Google Scholar
• Jain N, Wu D (2023) Can global sourcing strategy predict stock returns? Manufacturing Service Oper. Management 25(4):1357–1375.Link, Google Scholar
• Kimbrough MD (2005) The effect of conference calls on analyst and market underreaction to earnings announcements. Account. Rev. 80(1):189–219.Crossref, Google Scholar
• Kimbrough MD, Louis H (2011) Voluntary disclosure to influence investor reactions to merger announcements: An examination of conference calls. Accounting Rev. 86(2):637–667.Crossref, Google Scholar
• Kothari S, Lewellen J, Warner JB (2006) Stock returns, aggregate earnings surprises, and behavioral finance. J. Financial Econom. 79(3):537–568.Crossref, Google Scholar
• MacKinlay AC (1997) Event studies in economics and finance. J. Econom. Lit. 35(1):13–39.Google Scholar
• Medya S, Rasoolinejad M, Yang Y, Uzzi B (2022) An exploratory study of stock price movements from earnings calls. Companion Proc. Web Conf. 2022 (Association for Computing Machinery, New York), 20–31.Google Scholar
• Mikolov T, Chen K, Corrado G, Dean J (2013) Efficient estimation of word representations in vector space. Preprint, submitted January 16, https://arxiv.org/abs/1301.3781.Google Scholar
• Mitchell ML, Stafford E (2000) Managerial decisions and long-term stock price performance. J. Bus. 73(3):287–329.Crossref, Google Scholar
• Mizik N, Jacobson R (2009) Valuing branded businesses. J. Marketing 73(6):137–153.Crossref, Google Scholar
• Price SM, Doran JS, Peterson DR, Bliss BA (2012) Earnings conference calls and stock returns: The incremental informativeness of textual tone. J. Banking Finance 36(4):992–1011.Crossref, Google Scholar
• Rose SJ, Cowley WE, Crow VL, Cramer NO (2012) Rapid automatic keyword extraction for information retrieval and analysis. US Patent 8,131,735.Google Scholar
• Sirri ER, Tufano P (1998) Costly search and mutual fund flows. J. Finance 53(5):1589–1622.Crossref, Google Scholar
• Tirunillai S, Tellis GJ (2012) Does chatter really matter? Dynamics of user-generated content and stock performance. Marketing Sci. 31(2):198–215.Link, Google Scholar
• Wang B (2019) The cash conversion cycle spread. J. Financial Econom. 133(2):472–497.Crossref, Google Scholar
• Wood LC, Wang JX, Olesen K, Reiners T (2017) The effect of slack, diversification, and time to recall on stock market reaction to toy recalls. Internat. J. Production Econom. 193:244–258.Crossref, Google Scholar
• Wu J, Birge JR (2014) Supply chain network structure and firm returns. Preprint, submitted January 24, http://dx.doi.org/10.2139/ssrn.2385217.Google Scholar
• Zeileis A, Köll S, Graham N (2020) Various versatile variances: An object-oriented implementation of clustered covariances in r. J. Stat. Softw. 95:1–36.Crossref, Google Scholar