What you are versus what you do: The effect of noun-verb framing in earnings conference calls
研究了公司披露中使用名词（如“我们是服务提供商”）与动词（如“我们提供服务”）如何影响投资者判断，发现对稳定业绩公司名词更有利，对增长业绩公司动词更有利。
A firm can choose to use nouns (e.g., “our company is a provider of personalized services”) or verbs (e.g., “our company provides personalized services”) in its disclosures without substantially altering the content of disclosures. We present theory and evidence from three experiments related to how noun-verb framing affects investors' judgments. Our first experiment shows that investors' judgments of a firm with stable-trend financial performance are more favorable when the firm's disclosures are framed using nouns rather than verbs; the reverse is found for a firm with growing-trend financial performance. We conduct two supplementary experiments to test the associated causal chain. The findings inform managers, investors, and regulators on how word choices made by firms impact investors.