We examine the impact of conference call tones on the direction and magnitude of subsequent manager trades. Our univariate results show that corporate insiders buy company shares following negative-tone conference calls, and sell shares following positive-tone conference calls. This inverse call...

This study examines whether the “soft” information present in merger and acquisition announcement press releases contains incrementally valuable news relative to traditional “hard” data and analyst generated information. We use Diction, a textual-analysis program, to construct measures...

Using content analysis we measure the impact of soft information, derived from words in IPO registration documents, on IPO pricing efficiency. First, using 2,298 U.S. IPOs from 1996 to 2008, we find that an IPO document's strategic tone correlates positively with the stock's first-day return;...

This paper examines the idiosyncratic information-content of corporate conference calls. It studies the determinants, and the consequences, of idiosyncratic information production. To facilitate this study, I develop a novel measure of information-content which analyzes every (idiosyncratic)...

Quarterly earnings conference calls convey fundamental information, as well as manager and analyst opinion about the firm. We examine how market uncertainty regarding firm valuation is affected by conference call tones. Using textual analysis of all publicly available earnings calls (2002-2012)...

We investigate retirement saving decisions through interviews and a broad survey in four countries that investigates what influences changes in savings behaviour. We identify a number of previously unidentified factors that are associated with increased savings. We find that approximately 40% of...

In this study we extracted the linguistic tones of managers and analysts during earnings conference calls and compared the differences between them. We found that manager tones convey much more optimism (less pessimism) than their analyst counterparts and investors (particularly institutional...

We examine the reliability of Form 13F filings and find significant reporting errors. Using a hand-collected sample of 13F filings by bank holding companies, we show that (1) reported holdings do not always appear on the SEC's Official List, (2) market prices of Official List securities are...

We use a subset of family firms (i.e., founder-named firms) to test for large-scale endowment effects in US capital markets. In contrast to previous studies that focus on laboratory experiments and surveys, we employ investor-based market valuations to examine the extent to which endowment...

We use a unique database that includes selective environmental disclosures to examine the impact of economic policy uncertainty on corporate greenwashing in the US. Our results suggest that during periods of heightened EPU firms reduce their greenwashing, as they appear to disclose more...