Speaker: Dr Oleksandr Talavera, University of Birmingham
About Dr Oleksandr Talavera: OIeksandr Talavera is a Professor of Financial Economics at the Department of Economics, Birmingham Business School, University of Birmingham. He is broadly interested in empirical corporate finance, online prices, big data analytics, banking, international finance, and emerging market economies. He is also one of the co-founders of VoxUkraine.org, an independent analytical platform.
Abstract:
Using machine learning techniques, we extract voice emotions from audio files of earnings conference calls and examine how managers communicate with analysts in question-and-answer (Q&A) sessions. Focusing on these conversations, we find that the voice emotion of managers (answering the question) is affected by how the question is asked and who asks the question. Managers' dialogues with a positive emotive analyst or a female analyst exhibit a more positive vocal response. Our data also provide evidence of distinctive manager-specific vocal communication styles. Female managers and younger managers are more likely to display negative voice emotions relative to male and older colleagues. Stock prices respond to managers’ voice emotions in a timely manner. Analysts also incorporate such voice emotions into near-term earnings forecasts.
