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Straight Talkers and Vague Talkers: The Effects of Managerial Style in Earnings Conference Calls / Michał Dzieliński, Alexander F. Wagner, Richard J. Zeckhauser.
- Format:
- Book
- Author/Creator:
- Dzieliński, Michał.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w23425.
- NBER working paper series no. w23425
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Straight Talkers and Vague Talkers
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2017.
- Summary:
- Managers conducting earnings conference calls display distinctive styles in their word choice. Some CEOs and CFOs are straight talkers. Others, by contrast, are vague talkers. Vague talkers routinely use qualifying words indicating uncertainty, such as "approximately", "probably", or "maybe". Analysts and the stock market attend to the style of managerial talk. They find earnings news less informative when managers are vague; they respond less and more slowly as a result. Thus, quantitative information and straightforward contextual information prove to be complements. Vague communications have the potential benefit of tamping down over-optimistic analysts expectations.
- Notes:
- Print version record
- May 2017.
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