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Manager‐Analyst Engagement and Stock Return Synchronicity

Author

Listed:
  • Lifei Lei
  • Kai Yao
  • Minjia Chen
  • Rong Huang

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 LSM 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.

Suggested Citation

  • Lifei Lei & Kai Yao & Minjia Chen & Rong Huang, 2026. "Manager‐Analyst Engagement and Stock Return Synchronicity," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 31(3), pages 4228-4246, July.
    • Handle: RePEc:wly:ijfiec:v:31:y:2026:i:3:p:4228-4246
    DOI: 10.1002/ijfe.70076
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