机构交易与经理人复杂信息披露:来自电话会议的证据

IF 9.4 3区 管理学 Q1 BUSINESS, FINANCE
Ying (Julie) Huang
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引用次数: 0

摘要

本研究考察了2006 - 2016年财报电话会议期间管理层语言披露对机构交易行为的影响。运用语篇分析的语言雾分解方法,分析了管理层沟通的语言复杂性如何影响企业所有权的变化。研究结果表明,管理层话语的模糊性和信息性对机构交易都有显著影响,影响程度因事后分析报告的信息性而异。在盈利质量不确定的情况下,这种影响更为明显,这表明在这种时期,机构投资者对管理层暗示的依赖程度更高。此外,该研究区分了不同类型投资者的反应:临时投资者对语言线索更敏感,而专门和准指数投资者则关注披露的信息内容。这些见解增强了对管理沟通和分析师报告信息性如何通过语言复杂性对机构所有权的影响来塑造机构交易行为的理解。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Institutional Trading and Managers' Complex Disclosure: Evidence From Conference Calls

This study investigates the impact of managerial linguistic disclosures on institutional trading behaviors during earnings conference calls from 2006 to 2016. Utilizing the linguistic Fog decomposition methodology on textual analysis, it analyzes how the linguistic complexity of managerial communication influences institutional ownership changes. Findings indicate that both obfuscation and informativeness of managerial discourse significantly affect institutional trading, with effects varying based on the informativeness of post-call analyst reports. This impact is more pronounced under conditions of earnings quality uncertainty, suggesting a heightened reliance on managerial cues by institutional investors during such periods. Additionally, the study differentiates responses among investor types: transient investors are more sensitive to linguistic cues, while dedicated and quasi-indexer investors focus on the informational content of disclosures. These insights enhance understanding of how managerial communication and analyst report informativeness shape institutional trading behaviors through linguistic complexity's influence on institutional ownership.

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来源期刊
CiteScore
9.10
自引率
2.00%
发文量
23
期刊介绍: The Journal of International Financial Management & Accounting publishes original research dealing with international aspects of financial management and reporting, banking and financial services, auditing and taxation. Providing a forum for the interaction of ideas from both academics and practitioners, the JIFMA keeps you up-to-date with new developments and emerging trends.
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