TRUST_Paper_Data_Repository

This dataset is for “All Talk or Genuine Signal?: The Contingent Value of Trust Words in Earnings Conference Calls”. This study focuses on the informational role of managerial language in earnings conference calls. Analyzing a sample of U.S. firms, the study finds that the impact of trust words depends on the quality of the surrounding narratives. When the narrative quality of earnings conference calls is low, a higher use of trust words tends to increase future EPS forecast errors, raising concerns about the potential for impression management. Conversely, when narrative quality is high, trust words are positively associated with forecast accuracy, suggesting that analysts can effectively rely on these signals when supported by rich, decision-useful information, consistent with the incremental information perspective. The impact of narrative quality is stronger for companies with low analyst coverage or limited institutional ownership.