Differences in Conference Call Tones: Managers vs. Analysts
研究了财报电话会议中管理者与分析师的语言语调差异，发现管理者更乐观（更少悲观），而投资者（尤其是机构投资者）对分析师语调的反应更强。
In this study, the authors extracted the linguistic tones of managers and analysts during earnings conference calls and examined the differences between them. The authors found that manager tones convey much more optimism (less pessimism) than their analyst counterparts and that investors (particularly institutional investors) react more strongly to analyst tones than to manager tones.