Academic literature on the topic 'Quarterly conference calls'
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Journal articles on the topic "Quarterly conference calls"
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Heinrichs, Anne, Jihwon Park, and Eugene F. Soltes. "Who Consumes Firm Disclosures? Evidence from Earnings Conference Calls." Accounting Review 94, no. 3 (August 1, 2018): 205–31. http://dx.doi.org/10.2308/accr-52223.
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ABSTRACT Using a set of proprietary records, we examine who consumes quarterly earnings conference calls and under which circumstances the calls are consumed. While there is significant interest in calls by institutional investors and sell-side analysts, we find that investors who do not hold a position in the firm are a leading consumer. We show that buy-side non-holders who consume calls are more likely to hold positions in competitors and to purchase the stock in the future. In addition, many investors who hold large positions only consume calls periodically. We also document a benefit of consuming calls by finding that the consumption of calls is associated with more informed trading decisions. Overall, our investigation illuminates the actual consumption of conference calls by different consumers and the potential benefits of consuming additional firm disclosures.
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Price, S. McKay, Michael J. Seiler, and Jiancheng Shen. "Do Investors Infer Vocal Cues from CEOs During Quarterly REIT Conference Calls?" Journal of Real Estate Finance and Economics 54, no. 4 (May 5, 2016): 515–57. http://dx.doi.org/10.1007/s11146-016-9557-0.
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Milian, Jonathan A., Antoinette L. Smith, and Elio Alfonso. "Does an Analyst's Access to Information Vary with the Favorableness of Their Language When Speaking to Management?" Accounting Horizons 31, no. 4 (May 1, 2017): 13–31. http://dx.doi.org/10.2308/acch-51798.
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SYNOPSIS We examine whether analysts who use more favorable language during earnings conference calls subsequently issue more accurate earnings forecasts. Using a large sample of earnings conference calls from the 2004–2013 period for S&P 500 firms, we find a significantly positive relation between an analyst's tone during a firm's call and the accuracy of the analyst's next quarterly earnings forecast for that firm. We find a similar relation for analysts who praise a firm's management during the call. Our findings are consistent with the favorableness of an analyst's language reflecting their access to a firm's management. In additional analyses, we find that female analysts, analysts with less general experience, analysts at smaller brokerage firms, and analysts who cover more industries, on average, use significantly more favorable language during earnings conference calls. Overall, we contribute a new proxy, incremental to other proxies, for the analyst-manager relationship.
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Jancenelle, Vivien E. "Organizational Psychological Capital During Earnings Conference Calls: Mitigating Shareholders’ Sell-Off in the Face of Earnings Surprises?" Journal of Leadership & Organizational Studies 25, no. 4 (March 5, 2018): 469–80. http://dx.doi.org/10.1177/1548051818760770.
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Publicly traded firms release their earnings figures quarterly, and subsequently hold earnings conference calls where top managers can comment on firm strategy. Markets are particularly sensitive to earnings surprises, and conference calls are becoming an increasingly useful tool capable of mitigating shareholders’ negative reactions to surprises on earnings. This article argues that top managers who cue organizational-level positive psychological capital (PsyCap) are likely to mitigate investors’ reactions unanticipated changes in earnings. The developed hypotheses draw on arguments from the incremental useful information perspective, upper echelons theory, and the PsyCap literature. The analysis relies on a longitudinal data set composed of 1,920 observations including calls held for firms listed on the S&P 500 for all quarters of 2015. Computer-assisted text analysis is used to assess cues of organizational PsyCap included within each call, and event-study methodology is used to assess market performance. The findings suggest that organizational PsyCap mitigates stockholders’ negative reaction to earnings surprise, thereby indicating that psychological capital is well-perceived by investors and adds back market value for firms. A discussion of the findings and their implications for research and practice concludes the study.
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Jancenelle, Vivien E., Susan F. Storrud-Barnes, Anthony L. Iaquinto, and Dominic Buccieri. "Firm-specific risk, managerial certainty and optimism." Journal of Strategy and Management 9, no. 3 (August 15, 2016): 383–402. http://dx.doi.org/10.1108/jsma-11-2015-0093.
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Purpose – The purpose of this paper is to focus on investor reactions to unanticipated changes in income, and whether those reactions can be mitigated by managerial discussion. The authors investigate how top-management team certainty and optimism during post-earnings announcement conference calls can serve as corrective actions and add back firm value in times of unexpected changes in firm-specific risk. Design/methodology/approach – The research question is tested empirically in the context of large, publicly traded, US firms’ quarterly earnings announcements, and their subsequent post-earnings announcement conference calls. The authors use the advanced content analysis software DICTION to measure the levels of managerial certainty and optimism displayed during post-earnings announcement conference calls, and event-study methodology to measure investors’ reactions. Findings – Results indicate that earnings surprises are negatively associated with firm value, but that this relationship is mitigated positively by displays of managerial certainty and optimism during post-earnings announcement conference calls. Originality/value – This work uses an innovative research design to study top-management team rhetoric in post-earnings announcement conference calls, and how specific discussions mitigate investors’ negative reactions to increases in firm-specific risk. The study highlights the importance of top-management team certainty and optimism for value creation in times of change in firm-specific risk, and the importance of rhetoric as a tool for corrective action.
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Ribeiro Lyra, Andrea, Aziz Xavier Beiruth, and Felipe Ramos Ferreira. "Do the Manager's Personal Features Influence the Verbal Tone Used in Conference Calls?" Behavior Studies in Organizations 4 (October 2020): 1–14. http://dx.doi.org/10.32038/jbso.2020.04.01.
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The objective of this study is to evaluate whether managers’ tone of voice of Brazilian companies that publish the results in the presentation phase of the conference call is influenced by the personal characteristics of these agents. A total of 10 Brazilian companies were traded on the New York Stock Exchange (ADR) between 2002 and 2016, which made voluntary disclosure. The sample was limited to the companies with negotiations in North American market, that make the voluntary disclosure of the results by the necessity of the availability of the conference calls in English. To calculate the tone of voice, the dictionary developed by Loughran and McDonald (2011) was used. The tone was calculated based on the conference calls of quarterly disclosure of the results of the companies and related to the characteristics of the managers like gender, position and academic formation. The results verified in the Brazilian companies confirm the same ones found in international surveys, which find evidences that the personal characteristics influence the tone of voice used in the phase of presentation of the conference calls, controlling other factors like the performance of the company.
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Chapman, Kimball, and Jeremiah R. Green. "Analysts' Influence on Managers' Guidance." Accounting Review 93, no. 1 (April 1, 2017): 45–69. http://dx.doi.org/10.2308/accr-51778.
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ABSTRACT Analysts ask managers for forward-looking information in one-third of quarterly conference calls; most frequently, seeking earnings per share guidance. In this study, we examine the long-term consequences of analysts' questions on future manager disclosure choices. Using six types of commonly provided guidance, we find that when analysts request new guidance or ask about prior guidance, managers are more likely to provide similar guidance in future quarters. When analysts do not ask about prior guidance, managers are less likely to provide that type of guidance in the future. This effect is long-lasting, spills over into earnings announcements, and is strongest for firms with the most severe information problems. Our results provide evidence that analysts shape managers' disclosure choices in meaningful ways.
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Jancenelle, Vivien E., Susan F. Storrud-Barnes, and Anthony Iaquinto. "Making investors feel good during earnings conference calls: The effect of warm-glow rhetoric." Journal of General Management 44, no. 2 (January 2019): 63–72. http://dx.doi.org/10.1177/0306307018813759.
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In recent years, earnings conference calls have become a popular disclosure tool through which top managers can provide more information to the market regarding the quarterly earnings of their firms. Although some research has indicated that the tone of earnings conference calls is crucial in mitigating investors’ negative reactions to earnings surprises, relatively little is still known about other rhetorical tactics that may be available for managers to create value during times of heightened earnings uncertainty. This article contends that warm-glow rhetoric may be another way to mitigate investors’ negative reactions to earnings surprises, as warm-glow theory suggests that individuals are willing to make suboptimal economic choices when they receive warm-glow payouts. Hypotheses drawing on warm-glow theory and the incremental useful information perspective are developed and tested using computer-assisted text analysis (CATA) and event study methodology on a longitudinal sample of 1920 calls, and it is suggested that warm-glow rhetoric positively moderates the relationship between earnings surprises and financial performance (as measured through cumulated abnormal returns). The findings illustrate how the warm-glow effect can be used as an unconventional, yet effective tactic with which managers can create market value. A discussion of the findings and their implications for theory and practice concludes the study.
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Bochkay, Khrystyna, Roman Chychyla, and Dhananjay (DJ) Nanda. "Dynamics of CEO Disclosure Style." Accounting Review 94, no. 4 (September 1, 2018): 103–40. http://dx.doi.org/10.2308/accr-52281.
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ABSTRACT We examine changes in CEOs' disclosure styles in quarterly earnings conference calls over their tenure. Our longitudinal analysis of newly hired CEOs shows that CEOs' forward-looking disclosures and their disclosures' relative optimism decline in their tenure. Further, externally hired and inexperienced CEOs are more future-oriented, and younger CEOs exhibit greater optimism in their disclosures. We also find that non-CEO executives' disclosure styles remain time-invariant over their CEOs' tenure. Our evidence is consistent with uncertainty reduction about managers' ability over their tenure (1) reducing the demand for and the supply of forward-looking disclosures, and (2) attenuating managerial career concerns leading to the decline in disclosure optimism. JEL Classifications: D22; D70; D82; D83; L20; M12.
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Hassan, Tarek A., Stephan Hollander, Laurence van Lent, and Ahmed Tahoun. "Firm-Level Political Risk: Measurement and Effects*." Quarterly Journal of Economics 134, no. 4 (August 26, 2019): 2135–202. http://dx.doi.org/10.1093/qje/qjz021.
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AbstractWe adapt simple tools from computational linguistics to construct a new measure of political risk faced by individual U.S. firms: the share of their quarterly earnings conference calls that they devote to political risks. We validate our measure by showing that it correctly identifies calls containing extensive conversations on risks that are political in nature, that it varies intuitively over time and across sectors, and that it correlates with the firm’s actions and stock market volatility in a manner that is highly indicative of political risk. Firms exposed to political risk retrench hiring and investment and actively lobby and donate to politicians. These results continue to hold after controlling for news about the mean (as opposed to the variance) of political shocks. Interestingly, the vast majority of the variation in our measure is at the firm level rather than at the aggregate or sector level, in the sense that it is captured neither by the interaction of sector and time fixed effects nor by heterogeneous exposure of individual firms to aggregate political risk. The dispersion of this firm-level political risk increases significantly at times with high aggregate political risk. Decomposing our measure of political risk by topic, we find that firms that devote more time to discussing risks associated with a given political topic tend to increase lobbying on that topic, but not on other topics, in the following quarter.
Dissertations / Theses on the topic "Quarterly conference calls"
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Tasker, Sarah C. (Sarah Catherine). "Voluntary disclosure as a response to low accounting quality : evidence from quarterly conference calls." Thesis, Massachusetts Institute of Technology, 1997. http://hdl.handle.net/1721.1/10356.
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"Executive Communication and Ideology: An Inflated Worldview Faced with a Dilemma." Doctoral diss., 2019. http://hdl.handle.net/2286/R.I.53731.
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abstract: This dissertation examines the communication of U.S. Corporate executives in quarterly conference calls and in public forums at the World Economic Forum. Using grounded theory, the executive's core conceptual framework is identified and analyzed in the conference calls. Broadly speaking, it was found that an underlying aggressive orientation to the organization conceptualizes the executive as being the source of organizational activity. It places the executive in a causal-force relation to other organizational groups, which at once, inflates the role of the executive and poses a dilemma with respect to executive status and the communicative vitality of the organization. This project of organizational communication is situated within the broader areas of ideology, critical organizational scholarship, and communicative constitution of communication. The set of data consists of communication of executives of U.S. corporations in the S&P500 in 171 conference calls with shareholder agents. Grounded theory is used to identify the executives' conceptual view of the organization as it emerges from the data analysis. The findings from the analysis of the conference call data are presented in relation to two core categories, a causal-driving force and an ultimate objective category, including sub-categories that form an overall conceptual framework. An exploration of executive communication at the World Economic Forum extends these findings by demonstrating how it is transformed and mediated in a public venue in the presence of other stakeholders. One important finding from the study involves the emergence of a rival concept that poses an organizational dilemma for the future of the executive's communicative framework. And lastly, the issue of ideology is applied to the findings. This examination uses the sensitizing concepts of reification and fetishism drawn from the literature on ideology, which is developed into a systematic algorithm. The application of the findings to the model adds new insight into the relation between the executive and organizational communication. The results from this examination reinforce and highlight the conceptual dilemma the executive faces in relation to the organization and its future implications on organizational communication.Dissertation/Thesis
Doctoral Dissertation Communication 2019
Books on the topic "Quarterly conference calls"
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Hopke, Jill E., and Luis E. Hestres. Communicating about Fossil Fuel Divestment. Oxford University Press, 2017. http://dx.doi.org/10.1093/acrefore/9780190228620.013.566.
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Divestment is a socially responsible investing tactic to remove assets from a sector or industry based on moral objections to its business practices. It has historical roots in the anti-apartheid movement in South Africa. The early-21st-century fossil fuel divestment movement began with climate activist and 350.org co-founder Bill McKibben’s Rolling Stone article, “Global Warming’s Terrifying New Math.” McKibben’s argument centers on three numbers. The first is 2°C, the international target for limiting global warming that was agreed upon at the United Nations Framework Convention on Climate Change 2009 Copenhagen conference of parties (COP). The second is 565 Gigatons, the estimated upper limit of carbon dioxide that the world population can put into the atmosphere and reasonably expect to stay below 2°C. The third number is 2,795 Gigatons, which is the amount of proven fossil fuel reserves. That the amount of proven reserves is five times that which is allowable within the 2°C limit forms the basis for calls to divest.The aggregation of individual divestment campaigns constitutes a movement with shared goals. Divestment can also function as “tactic” to indirectly apply pressure to targets of a movement, such as in the case of the movement to stop the Dakota Access Pipeline in the United States. Since 2012, the fossil fuel divestment movement has been gaining traction, first in the United States and United Kingdom, with student-led organizing focused on pressuring universities to divest endowment assets on moral grounds.In partnership with 350.org, The Guardian launched its Keep it in the Ground campaign in March 2015 at the behest of outgoing editor-in-chief Alan Rusbridger. Within its first year, the digital campaign garnered support from more than a quarter-million online petitioners and won a “campaign of the year” award in the Press Gazette’s British Journalism Awards. Since the launch of The Guardian’s campaign, “keep it in the ground” has become a dominant frame used by fossil fuel divestment activists.Divestment campaigns seek to stigmatize the fossil fuel industry. The rationale for divestment rests on the idea that fossil fuel companies are financially valued based on their resource reserves and will not be able to extract these reserves with a 2°C or lower climate target. Thus, their valuation will be reduced and the financial holdings become “stranded assets.” Critics of divestment have cited the costs and risks to institutional endowments that divestment would entail, arguing that to divest would go against their fiduciary responsibility. Critics have also argued that divesting from fossil fuel assets would have little or no impact on the industry. Some higher education institutions, including Princeton and Harvard, have objected to divestment as a politicization of their endowments. Divestment advocates have responded to this concern by pointing out that not divesting is not a politically neutral act—it is, in fact, choosing the side of fossil fuel corporations.
Book chapters on the topic "Quarterly conference calls"
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Danielewicz-Betz, Anna. "External Corporate Communication: Quarterly Earnings Conference Calls." In Communicating in Digital Age Corporations, 277–307. London: Palgrave Macmillan UK, 2016. http://dx.doi.org/10.1057/978-1-137-55813-8_5.
Full textConference papers on the topic "Quarterly conference calls"
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Theil, Christoph Kilian, Samuel Broscheit, and Heiner Stuckenschmidt. "PRoFET: Predicting the Risk of Firms from Event Transcripts." In Twenty-Eighth International Joint Conference on Artificial Intelligence {IJCAI-19}. California: International Joint Conferences on Artificial Intelligence Organization, 2019. http://dx.doi.org/10.24963/ijcai.2019/724.
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Financial risk, defined as the chance to deviate from return expectations, is most commonly measured with volatility. Due to its value for investment decision making, volatility prediction is probably among the most important tasks in finance and risk management. Although evidence exists that enriching purely financial models with natural language information can improve predictions of volatility, this task is still comparably underexplored. We introduce PRoFET, the first neural model for volatility prediction jointly exploiting both semantic language representations and a comprehensive set of financial features. As language data, we use transcripts from quarterly recurring events, so-called "earnings calls"; in these calls, the performance of publicly traded companies is summarized and prognosticated by their management. We show that our proposed architecture, which models verbal context with an attention mechanism, significantly outperforms the previous state-of-the-art and other strong baselines. Finally, we visualize this attention mechanism on the token-level, thus aiding interpretability and providing a use case of PRoFET as a tool for investment decision support.
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Jacquart, Guillaume, Olli Kymäläinen, Jean-François Vivier, Giovanni Ferraro, and Emmanuel Vieilletoile. "The European Utility Requirements for Advanced Light Water Reactors (EUR): Recent Achievements and New Challenges." In 2017 25th International Conference on Nuclear Engineering. American Society of Mechanical Engineers, 2017. http://dx.doi.org/10.1115/icone25-67141.
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Since 1991, the European Utility Requirements (EUR) organisation has been actively developing and promoting harmonised technical specifications for the new mid- and large-size LWR designs to be proposed by the vendors in Europe. The EUR document consists of a comprehensive set of requirements covering the whole Nuclear Power Plant (NPP). It encompasses all aspects (safety, performance, competitiveness) and all parts of a NPP (nuclear island and conventional island). The document can be used by the utilities (guide for design assessment, technical reference for call for bids) and by the vendors, as a technical guide. The harmonisation which is sought after by the EUR aims at delivering the safest and most competitive designs based on common rules shared all over Europe. Fourteen nuclear operators across Europe are members of the organisation. After the publication of the Revision D of the EUR document (October 2012), the EUR organisation has been extremely active. This presentation describes the main results obtained during the last four years and the new challenges for the coming years (roadmap 2016–2018) in the three following fields. First, the revision of the EUR document, in order to maintain it at a state-of-the-art level, remains the highest priority for the organisation. Regarding the new revision E of the EUR document [1], expected to be issued in the 2nd quarter of 2017, the presentation describes the most significant updates implemented in many fields among which: revised safety requirements taking into account the most recent European and international safety standards issued by WENRA and IAEA, the lessons learnt from the Fukushima accident, including re-evaluated seismic and external natural hazards approach and the most recent international standards, for example for Instrumentation and Control (I&C). The assessment of new designs is the second main technical activity of the EUR organisation. The MHI EU-APWR design has been assessed against the revision D between 2012 and 2014. New design assessments are in progress (namely Korean KHNP’s EU-APR and Russian AEP’s VVER TOI) and are planned to be ended in 2017–2018. A new applicant is in the file. The presentation briefly recalls the EUR design assessment objectives and process and the progress of the different assessment projects. The third topic to be covered by the presentation is the interaction between the EUR and the other stakeholders, in particular the other international organisations (ENISS, WNA/CORDEL, WENRA, IAEA, EPRI/URD). The presentation describes how the EUR organisation is connected to these stakeholders and the corresponding cooperation results and future projects.