The Power of Voice: Managerial Affective States and Future Firm Performance
通过分析财报电话会议录音中的管理者语音情感，发现其积极和消极情绪能预测公司未来财务表现，而分析师在盈利预测中未充分利用这些信息。
ABSTRACT We measure managerial affective states during earnings conference calls by analyzing conference call audio files using vocal emotion analysis software. We hypothesize and find that, when managers are scrutinized by analysts during conference calls, positive and negative affects displayed by managers are informative about the firm's financial future. Analysts do not incorporate this information when forecasting near‐term earnings. When making stock recommendation changes, however, analysts incorporate positive but not negative affect. This study presents new evidence that managerial vocal cues contain useful information about a firm's fundamentals, incremental to both quantitative earnings information and qualitative “soft” information conveyed by linguistic content.