Tips and Tells from Managers: How Analysts and the Market Read Between the Lines of Conference Calls

Stock prices react significantly to the tone (negativity of words) managers use on earnings conference calls. This reaction reflects reasonably rational use of information. Tone surprise the residual when negativity in managerial tone is regressed on the firms recent economic performance and CEO

股票价格会对管理层在业绩电话会议（earnings conference calls）中使用的语调（即言辞的负面性）产生显著反应。这一反应反映出市场对信息进行了合理且理性的运用。语调惊喜（tone surprise）指将管理层语调的负面性对企业近期经济表现与CEO进行回归后得到的残差。