Oh What a Beautiful Morning! Diurnal Influences on Executives and Analysts: Evidence from Conference Calls

Détails

Ressource 1Télécharger: Oh What a Beautiful Morning!_Accepted manuscript(1).pdf (514.47 [Ko])
Etat: Public
Version: Author's accepted manuscript
ID Serval
serval:BIB_38E88C6BE17E
Type
Article: article d'un périodique ou d'un magazine.
Collection
Publications
Titre
Oh What a Beautiful Morning! Diurnal Influences on Executives and Analysts: Evidence from Conference Calls
Périodique
Management Science
Auteur(s)
Chen J., Demers E., Lev B.
ISSN
0025-1909
1526-5501
Statut éditorial
In Press
Peer-reviewed
Oui
Langue
anglais
Résumé
This study provides novel evidence that expert economic agents’ work-related activities are systematically influenced by the time of day. We use archival data derived from time-stamped quarterly earnings conference calls together with linguistic algorithms to measure and track the moods of executives and analysts at different times of the day. The evidence indicates that the tone of conference call discussions deteriorates markedly over the course of the trading day, with both analysts’ and executives’ moods becoming more negative as the day wears on. Capital market pricing tests reveal that the time-of-day-induced negative tone leads to temporary stock mispricings. Our findings are relevant because the diurnal variations in behavior documented in the context of quarterly earnings calls are likely to extend across other important corporate communication, decision making, and performance situations, leading to potentially significant economic consequences.
Mots-clé
Conference calls, textual analysis, management communication, investor relations, circadian rhythms, diurnal variations, abnormal returns, behavioral economics
Création de la notice
20/07/2018 7:58
Dernière modification de la notice
21/08/2019 6:08
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