Managers’ Abnormal Tone and Stock Price Delay — A Textual Analysis Based on Earnings Communication Conferences of Chinese Listed Companies

The tone data used in this paper are mainly from the China Research Data Service (CNRDS). To ensure the integrity of sample data as much as possible, we crawl and supplement the missing earnings communication conference texts of all listed companies involved in CNRDS. The main websites supplemented by crawlers are as follows: https://rs.p5w.net is a large-scale centralized website for listed companies to hold earnings communication conferences, including the earnings communication conferences information of most A-share listed companies; Sse e Interactive (http://sns.sseinfo.com) is the official website of SSE, which collects a considerable part of earnings communication conferences information. The Securities Times website (http://www.stcn.com) contains a small amount of information about earnings communication conferences. This paper first screened the missing CNRDS performance presentation and then carried out three rounds of manual screening, python crawler, and text acquisition on the above three websites successively. The content object of the earnings communication conference text for this study is finally determined. Other company data are downloaded from the Wind database and CSMAR database.