Sentiment analysis and gender differences in earnings conference calls |
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| Affiliation: | 1. Saint Mary''s University, Halifax, NS B3H 3C3, Canada;2. University of Alberta, Edmonton, AB T6C 4G9, Canada;1. Faculty of Business and Economics, Monash University, Sir John Monash Drive, Melbourne, Australia;2. Business School, Trinity College Dublin, College Green, Dublin 2, Ireland;1. Department of Finance and Economics, Mississippi State University College of Business, Post Office Box 9580, 312K McCool Hall, Mississippi State, MS 39762-9580, United States of America;2. Department of Finance, Banking & Insurance, Appalachian State University Walker College of Business, ASU Post Office Box 32058, 3065 Peacock Hall, Boone, NC 28608, United States of America |
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| Abstract: | We apply textual analysis to the transcripts of nearly 78,000 earnings conference calls between 2004 and 2018, comparing the difference in sentiment between female and male senior managers (CEOs and CFOs). We focus on two main measures of sentiment: tone and vagueness. Our contribution is twofold. Firstly, we show that female executives employ a more positive and less vague tone than their male colleagues during conference calls. The more positive and less vague tone of female executives does not reflect incremental information content but instead appears to be a linguistic feature that distinguishes female from male executives.Secondly, we find that financial analysts participating in conference calls exhibit a gender bias as they are less positive and more vague when facing a female executive. However, the stock market reaction to the call is affected by the sentiment of the call, but not by the executive's gender. |
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