Manager‐Analyst Engagement and Stock Return Synchronicity
研究了业绩电话会议问答环节中管理层与分析师的语言风格匹配如何降低股价同步性，从而提升股价信息含量，对关注资本市场效率的学者有参考价值。
ABSTRACT Research has shown that the market actively interprets information conveyed in question and answer (Q&A) conversations during conference calls. However, previous studies have not clearly indicated how this information influences the market. This study aims to investigate the impact of conversational engagement on stock price informativeness. Conversational engagement is measured by linguistic style matching ( LSM ) in manager‐analyst conversations during the Q&A session of earnings conference calls, while stock return synchronicity serves as a proxy for informativeness. Our findings reveal robust evidence that significantly diminishes stock return synchronicity. Furthermore, the impact of manager‐analyst engagement on stock return synchronicity is more pronounced in firms with severe information asymmetry, facing intense competition in the product market or with low levels of institutional ownership. This study highlights that increased engagement facilitates the capitalisation of firm‐specific information into stock prices, thereby enhancing the efficiency of the capital market.