Words versus Deeds: Evidence from Post‐Call Manager Trades
研究了电话会议语气与随后经理人交易方向的关系，发现经理人反向交易（语气负面时买入、正面时卖出），且主要由卖出活动驱动，同时经理人会根据分析师反馈调整交易。
Abstract We examine the impact of conference call tones on the direction and magnitude of subsequent manager trades. Our univariate results show that corporate insiders buy company shares following negative‐tone conference calls and sell shares following positive‐tone conference calls. This inverse call tone–trading pattern holds for both managers’ introductory sessions and subsequent question‐and‐answer (Q&A) sessions. Our multivariate results confirm the univariate call tone–trading patterns and show that contrarian manager trades are mostly driven by managerial selling activity. In contrast to the consistent and strong evidence of managers trading in the opposite direction of their call tones, we find no evidence of managers trading in the same direction of their call tones. We also examine the impact of analyst Q&A challenges on post‐call manager trades. Our findings suggest that managers learn from analyst feedback and adjust their post‐call trades accordingly.