Answers are grounded in this paper and cite their sources.
In this study, the authors extracted the linguistic tones of managers and analysts during earnings conference calls and examined the differences between them. The authors found that manager tones convey much more optimism (less pessimism) than their analyst counterparts and that investors (particularly institutional investors) react more strongly to analyst tones than to manager tones.
No takes yet. Share an insight, caveat, or question.
Brockman et al. (2015) studied this question.
Synapse has enriched 5 closely related papers on similar clinical questions. Consider them for comparative context: