Management tone and corporate information asymmetry in times of pandemic crisis
研究新冠疫情下中国公司业绩说明会上管理层语调对信息不对称的影响，发现积极语调能降低信息不对称，尤其在疫情严重地区、提问多或CEO参会时更明显。
In this paper, we study the impact of management tones on corporate information asymmetry at earnings communication conferences during China’s COVID-19 outbreak. We show that firms’ information asymmetry was reduced when management used more positive tones. This positive effect was more pronounced for firms in those regions more affected by the pandemic, when participants raised more questions, or when the Chief Executive Officers attended at these conferences. We argue that an internet search is a channel through which management tones reduce information asymmetry. Our paper sheds light on the importance of management tones during a crisis and highlights the positive roles that top management engagement and conference participants’ activism play in the information environment.