Answer relevance in earnings conference calls
研究了盈利电话会议中经理回答的相关性如何传递未来业绩信号并影响市场反应，发现回答相关性越高，公司后续业绩越好，市场即时反应越积极，尤其对信息环境弱、不确定性高或业绩差的公司更显著。
Building on theories of impression-management and psycholinguistics, we examine whether managerial answer relevance in earnings conference calls – defined as the extent to which managers’ responses closely address analysts’ questions – serves as an informative signal of firms’ future performance and shapes market reactions. Our findings show that answer relevance is positively associated with subsequent firm performance. Moreover, it elicits immediate positive market reactions, particularly for firms with weaker information environments, higher information uncertainty, or poor performance. However, we find no significant association between answer relevance and future returns, suggesting that investors efficiently incorporate the information conveyed through relevant answers. Overall, our evidence indicates that managerial answer relevance is an important and distinct dimension of disclosure in earnings conference calls that conveys managers’ private information about future performance and helps explain market reactions to earnings calls.