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Managers set the tone: Equity incentives and the tone of earnings press releases

Citations

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Cited by:

  1. Xi Wu & Xinle Tong & Yudong Wang, 2022. "Managerial ability and idiosyncratic volatility," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 27(2), pages 2566-2581, April.
  2. Terhardt, Leonie, 2026. "Textauswertung in der Finanzanalyse: Eine Ereignisstudie zum Sentiment in Earnings Calls," Junior Management Science (JUMS), Junior Management Science e. V., vol. 11(1), pages 43-73.
  3. Loic Mar'echal & Nathan Monnet, 2024. "Disentangling the sources of cyber risk premia," Papers 2409.08728, arXiv.org.
  4. Jin, Xianzhe & Li, Jingnan & Gao, Jijun, 2022. "Joint effect of linguistic style and ethnicity on entrepreneurial fundraising: Evidence from equity crowdfunding," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 81(C).
  5. Xiao Wu, Dong & Yao, Xiao & Luan Guo, Jian, 2021. "Is Textual Tone Informative or Inflated for Firm’s Future Value? Evidence from Chinese Listed Firms," Economic Modelling, Elsevier, vol. 94(C), pages 513-525.
  6. Andres Algaba & David Ardia & Keven Bluteau & Samuel Borms & Kris Boudt, 2020. "Econometrics Meets Sentiment: An Overview Of Methodology And Applications," Journal of Economic Surveys, Wiley Blackwell, vol. 34(3), pages 512-547, July.
  7. Yan Luo & Linying Zhou, 2020. "Textual tone in corporate financial disclosures: a survey of the literature," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 17(2), pages 101-110, September.
  8. Miao Jiang & Bo Zhu & Luxi Li, 2024. "Manager‐specific manipulation of tone and stock price synchronicity," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 64(4), pages 3803-3821, December.
  9. D. G. DeBoskey & Yan Luo & Linying Zhou, 2019. "CEO power, board oversight, and earnings announcement tone," Review of Quantitative Finance and Accounting, Springer, vol. 52(2), pages 657-680, February.
  10. Xi Fu & Xiaoxi Wu & Zhifang Zhang, 2021. "The Information Role of Earnings Conference Call Tone: Evidence from Stock Price Crash Risk," Journal of Business Ethics, Springer, vol. 173(3), pages 643-660, October.
  11. Bannier, Christina E. & Pauls, Thomas & Walter, Andreas, 2017. "CEO-speeches and stock returns," VfS Annual Conference 2017 (Vienna): Alternative Structures for Money and Banking 168192, Verein für Socialpolitik / German Economic Association.
  12. Ardia, David & Bluteau, Keven & Boudt, Kris, 2022. "Media abnormal tone, earnings announcements, and the stock market," Journal of Financial Markets, Elsevier, vol. 61(C).
  13. Özgür Arslan‐Ayaydin & James Thewissen & Wouter Torsin, 2021. "Disclosure tone management and labor unions," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 48(1-2), pages 102-147, January.
  14. Owen N. Parker & Cole E. Short & Varkey K. Titus & Ke Gong & Peter Inho Nahm, 2024. "Accentuate the positive? Strategic negativity amid the hazard of high expectations," Strategic Management Journal, Wiley Blackwell, vol. 45(9), pages 1851-1874, September.
  15. Miwa, Kotaro, 2021. "Language barriers in analyst reports," International Review of Economics & Finance, Elsevier, vol. 75(C), pages 223-236.
  16. Cumming, Douglas & Lan, Yihui & Shan, Yuan George & Zhang, Junru, 2025. "Discretionary tone in reward-based crowdfunding: Do project owners talk their way to success?," The British Accounting Review, Elsevier, vol. 57(3).
  17. Li, Manman & Qi, Luguang, 2025. "Controlling shareholder equity pledging and tone management: Evidence from China," Research in International Business and Finance, Elsevier, vol. 74(C).
  18. James Thewissen & Jennifer Thewissen & Özgür Arslan‐Ayaydin & Diego Barrio Herrezuelo, 2026. "Hitting the Right Note: The Impact of Lexical Complexity on Initial Coin Offering Success," The Financial Review, Eastern Finance Association, vol. 61(1), pages 135-173, February.
  19. Sarel, Roee & Demirtas, Melanie, 2021. "Delegation in a multi-tier court system: Are remands in the U.S. federal courts driven by moral hazard?," European Journal of Political Economy, Elsevier, vol. 68(C).
  20. Cao, Yang & Kiesel, Florian & Leung, Henry, 2023. "The information value of M&A press releases," Journal of Corporate Finance, Elsevier, vol. 82(C).
  21. Gehan A. Mousa & Elsayed A. H. Elamir & Khaled Hussainey, 2022. "Using machine learning methods to predict financial performance: Does disclosure tone matter?," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 19(1), pages 93-112, March.
  22. Elshandidy, Tamer & Kamel, Hany, 2024. "Tone of narrative disclosures and earnings management: UK evidence," Advances in accounting, Elsevier, vol. 64(C).
  23. Gilberto Marquez Illescas & Stephen J. Sauer & Allan A. Zebedee & Linying Zhou, 2025. "Financial performance and tone of financial disclosures: The moderating effect of CEO narcissism," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 65(1), pages 691-712, March.
  24. Florian Kiesel, 2021. "It's the tone, stupid! Soft information in credit rating reports and financial markets," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 44(3), pages 553-585, September.
  25. Qianrui Xu & Siwen Fu & Feng Yang, 2025. "Supplier Concentration and Tone Management: Evidence From China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 65(4), pages 4138-4157, December.
  26. Kothari, Pratik & Chance, Don M. & Ferris, Stephen P., 2021. "Bragging rights: Does corporate boasting imply value creation?," Journal of Corporate Finance, Elsevier, vol. 67(C).
  27. Huo, Di & Huang, Wei & Huang, Yuting & Ke, Youlin & Shen, Zhe, 2024. "Stock exchange comment letters and MD&A tone management," Research in International Business and Finance, Elsevier, vol. 70(PB).
  28. Eddy Cardinaels & Stephan Hollander & Brian J. White, 2019. "Automatic summarization of earnings releases: attributes and effects on investors’ judgments," Review of Accounting Studies, Springer, vol. 24(3), pages 860-890, September.
  29. Jiao Ji & Oleksandr Talavera & Shuxing Yin, 2018. "The Hidden Information Content: Evidence from the Tone of Independent Director Reports," Working Papers 2018-28, Swansea University, School of Management.
  30. Christoph J. Sextroh & Juliane Wutzler, 2025. "Speaking with one voice? Individual preferences and managers’ personal communication style," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 52(1), pages 5-47, February.
  31. Arslan-Ayaydin, Özgür & Bishara, Norman & Thewissen, James & Torsin, Wouter, 2020. "Managerial career concerns and the content of corporate disclosures: An analysis of the tone of earnings press releases," International Review of Financial Analysis, Elsevier, vol. 72(C).
  32. Li Du & Chengmin Tu, 2025. "Do changes in MD&A tone predict financial restatements? Evidence from Chinese listed companies," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 65(3), pages 2420-2453, September.
  33. Rahman, Dewan & Oliver, Barry & Faff, Robert, 2020. "Evidence of strategic information uncertainty around opportunistic insider purchases," Journal of Banking & Finance, Elsevier, vol. 117(C).
  34. Boulland, Romain & Dessaint, Olivier, 2017. "Announcing the announcement," Journal of Banking & Finance, Elsevier, vol. 82(C), pages 59-79.
  35. Bassyouny, Hesham & Abdelfattah, Tarek & Tao, Lei, 2020. "Beyond narrative disclosure tone: The upper echelons theory perspective," International Review of Financial Analysis, Elsevier, vol. 70(C).
  36. Liu, Pu & Nguyen, Hazel T., 2020. "CEO characteristics and tone at the top inconsistency," Journal of Economics and Business, Elsevier, vol. 108(C).
  37. Cardinaels, Eddy & Hollander, Stephan & White, Brian, 2019. "Automatic summarization of earnings releases : Attributes and effects on investors’ judgments," Other publications TiSEM 721f64f4-033e-453b-a3e7-2, Tilburg University, School of Economics and Management.
  38. Miwa, Kotaro, 2023. "Divergent opinions on social media," International Review of Economics & Finance, Elsevier, vol. 86(C), pages 182-196.
  39. Kris Boudt & James Thewissen, 2019. "Jockeying for Position in CEO Letters: Impression Management and Sentiment Analytics," Financial Management, Financial Management Association International, vol. 48(1), pages 77-115, March.
  40. Azam Pouryousof & Farzaneh Nassirzadeh & Reza Hesarzadeh & Davood Askarany, 2022. "The Relationship between Managers’ Disclosure Tone and the Trading Volume of Investors," JRFM, MDPI, vol. 15(12), pages 1-16, December.
  41. Xiangyu Chen & Peng Wan & Zhefeng Ma & Yu Yang, 2024. "Does corporate digital transformation restrain ESG decoupling? Evidence from China," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 11(1), pages 1-15, December.
  42. Kalelkar, Rachana & Xu, Hongkang & Nguyen, Duong & Chen, Zheng, 2024. "Generalist CEOs and the readability of the 10-K report," Advances in accounting, Elsevier, vol. 65(C).
  43. Chen, Jean Jinghan & Song, Peiyang & Loi, Fai Lim, 2024. "Strategic forward-looking nonearnings disclosure and overinvestment," The British Accounting Review, Elsevier, vol. 56(6).
  44. Wu, Duowen & Zhang, Xueying & Zhang, Ge & Han, Liangliang, 2025. "Management equity incentives and bond credit spread: Evidence from China," Emerging Markets Review, Elsevier, vol. 69(C).
  45. Diana Gabrielyan & Lenno Uusküla, 2022. "Inflation Expectations And Consumption With Machine Learning," University of Tartu - Faculty of Economics and Business Administration Working Paper Series 142, Faculty of Economics and Business Administration, University of Tartu (Estonia).
  46. Zhao, Wanlong & Zhang, Wei & Xiong, Xiong & Zou, Gaofeng, 2021. "How insiders utilize their information advantages in their trading: Evidence from China," Finance Research Letters, Elsevier, vol. 42(C).
  47. Boudt, Kris & Thewissen, James & Torsin, Wouter, 2018. "When does the tone of earnings press releases matter?," International Review of Financial Analysis, Elsevier, vol. 57(C), pages 231-245.
  48. Baochen Yang & Yifang Liu & Yunpeng Su, 2023. "Earnings communication conferences and post‐earnings‐announcement drift: Evidence from China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(2), pages 2145-2185, June.
  49. Hyeon, Jiwon & Cho, Hyunkwon & Lee, Joonil, 2024. "Do Firms Strategically Use Non-Earnings Press Releases," Finance Research Letters, Elsevier, vol. 63(C).
  50. Matthias Brauer & Margarethe Wiersema & Philipp Binder, 2023. "“Dear CEO and Board”: How Activist Investors’ Confidence in Tone Influences Campaign Success," Organization Science, INFORMS, vol. 34(4), pages 1487-1508, July.
  51. Kim, Jongkyum & Lim, Jee-Hae & Yoon, Kyunghee, 2022. "How do the content, format, and tone of Twitter-based corporate disclosure vary depending on earnings performance?," International Journal of Accounting Information Systems, Elsevier, vol. 47(C).
  52. Yingzhao Ni, 2024. "Media coverage and disclosure of short‐termism tone: Evidence from China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 64(S1), pages 5107-5131, December.
  53. Miwa, Kotaro, 2022. "The informational role of analysts’ textual statements," Research in International Business and Finance, Elsevier, vol. 59(C).
  54. Peng Wan & Mengjiao Xu & Yu Yang & Xiangyu Chen, 2024. "CSR decoupling and stock price crash risk: Evidence from China," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 11(1), pages 1-12, December.
  55. Ankit Jain & Hariom Manchiraju & Shyam V. Sunder, 2023. "Institutional ownership and the informativeness of disclosure tone," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 50(1-2), pages 61-90, January.
  56. repec:rnp:ecopol:s2118 is not listed on IDEAS
  57. Gilberto Marquez-Illescas & Allan A. Zebedee & Linying Zhou, 2019. "Hear Me Write: Does CEO Narcissism Affect Disclosure?," Journal of Business Ethics, Springer, vol. 159(2), pages 401-417, October.
  58. Qian Wang & Duowen Wu & Lina Yan, 2021. "Effect of positive tone in MD&A disclosure on capital structure adjustment speed: evidence from China," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(4), pages 5809-5845, December.
  59. Shuyu Zhang & Walter Aerts & Dunli Zhang & Zishan Chen, 2022. "Positive tone and initial coin offering," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 62(2), pages 2237-2266, June.
  60. Ardia, David & Bluteau, Keven & Boudt, Kris, 2019. "Questioning the news about economic growth: Sparse forecasting using thousands of news-based sentiment values," International Journal of Forecasting, Elsevier, vol. 35(4), pages 1370-1386.
  61. Rong Gong, 2023. "CEO overconfidence and the tone of press release," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(2), pages 2081-2108, June.
  62. Liu, Xiaoming & Shen, Xieyang & Wang, Changyun & Zeng, Jianyu, 2023. "Do fund managers' tones predict future performance? Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 82(C).
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