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Vocal Communicating With Voice Emotion: Reciprocal Behavior in Manager-Analyst Interaction


  • Oleksandr Talavera

    (University of Birmingham)

  • Shuxing Yin

    (University of Sheffield)

  • Mao Zhang

    (University of St Andrews)


This paper explores the dynamics of interpersonal vocal communication in a question and answer setting. We adapt a novel machine learning technique to a sample of more than 600,000 earnings call questions and answers to construct voice emotion measures. We present evidence of reciprocal behaviour in vocal interactions between managers and analysts. Managers are likely to respond with negative voice emotions when faced with negative questions from analysts. This reciprocal effect is stronger when the respondent manager is female, but weaker when the analyst is more experienced and when the analyst dialogues with the CEO or an older manager. We identify voice as an important channel for information exchange in social interactions by showing that analysts incorporate information embedded in vocal reciprocity when forecasting earnings.

Suggested Citation

  • Oleksandr Talavera & Shuxing Yin & Mao Zhang, 2022. "Vocal Communicating With Voice Emotion: Reciprocal Behavior in Manager-Analyst Interaction," Discussion Papers 22-11, Department of Economics, University of Birmingham.
  • Handle: RePEc:bir:birmec:22-11

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    conference calls; vocal emotion; manager-analyst conversation; gender; market reaction;
    All these keywords.

    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies; Insider Trading
    • G41 - Financial Economics - - Behavioral Finance - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making in Financial Markets
    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination
    • M14 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - Corporate Culture; Diversity; Social Responsibility

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