Reação do mercado acionário aos tons transcritos das teleconferências de resultados
Barra lateral de artigos
Conteúdo do artigo principal
Resumo
Este estudo tem como objetivo analisar os diferentes tons transcritos utilizados pelos participantes nas teleconferências de resultados e sua influência na geração de retornos anormais das ações. Este estudo preenche uma lacuna de pesquisa que é a segregação da análise do tom por tipo de analista e de representantes corporativos durante a teleconferência de resultados. A amostra abrangeu o período de 2010 a 2017, totalizando 1.165 transcrições de teleconferências de resultados de 44 empresas brasileiras listadas na B3 – Brasil, Bolsa, Balcão. O principal achado é que o tom transcrito e as palavras utilizadas com base no dicionário de Loughran e McDonald (2011) têm poder de previsão significativo sobre as reações do mercado de ações após as teleconferências de resultados.
Downloads
Métricas
Detalhes do artigo
A RAE compromete-se a contribuir com a proteção dos direitos intelectuais do autor. Nesse sentido:
- adota a licença Creative Commoms BY (CC-BY) em todos os textos que publica, exceto quando houver indicação de específicos detentores dos direitos autorais e patrimoniais;
- adota software de detecção de similaridades;
- adota ações de combate ao plagio e má conduta ética, alinhada às diretrizes do Committee on Publication Ethics (COPE)
Referências
Baik, B., & Nam, H.-J. (2009). The effect of regulation fair disclosure on conference calls: The case of earnings surprises. Asia-Pacific Journal of Financial Studies, 38(6), 801-829. doi: 10.1111/j.2041-6156.2009.tb00031.x
Bannier, C., Pauls, T., & Walter, A. (2017). CEO-speeches and stock returns. CFS Working Paper No. 583. doi: 10.2139/ssrn.3051151
Barber, B. M., & Lyon, J. D. (1997). Detecting long-run abnormal stock returns: The empirical power and specification of test statistics. Journal of Financial Economics, 43(3), 341-372. /doi: 10.1016/S0304-405X(96)00890-2
Bassemir, M., Novotny-Farkas, Z., & Pachta, J. (2013). The effect of conference calls on analysts’ forecasts: German evidence. European Accounting Review, 22(1), 151-183. doi: 10.1080/09638180.2011.640454
Beyer, A., Cohen, D. A., Lys, T. Z., & Walther, B. R. (2010). The financial reporting environment: Review of the recent literature. Journal of Accounting and Economics, 50(2-3), 296-343. doi: 10.1016/j.jacceco.2010.10.003
Black, E. L. (2016). The ethical reporting of non-GAAP performance measures. Revista Contabilidade & Finanças, 27(70), 7-11. doi: 10.1590/1808-057x201690090
Black, E. L., Christensen, T. E., Kiosse, P. V., & Steffen, T. D. (2013). Does management discussion of pro forma earnings in press releases and conference calls influence street earnings exclusions. Working Paper presented at American Accounting Association conference.
Blau, B. M., DeLisle, J. R., & Price, S. M. (2015). Do sophisticated investors interpret earnings conference call tone differently than investors at large? Evidence from short sales. Journal of Corporate Finance, 31, 203-219. doi: 10.1016/j.jcorpfin.2015.02.003
Borochin, P. A., Cicon, J. E., DeLisle, R. J., & Price, S. M. (2018). The effects of conference call tones on market perceptions of value uncertainty. Journal of Financial Markets, 40, 75-91. doi: 10.1016/j.finmar.2017.12.003
Brockman, P., Li, X., & Price, S. M. (2015). Differences in conference call tones: Managers vs. analysts. Financial Analysts Journal, 71(4), 24-42. doi: 10.2469/faj.v71.n4.1
Brockman, P., Li, X., & Price, S. M. (2017). Conference call tone and stock returns: Evidence from the Stock Exchange of Hong Kong. Asia-Pacific Journal of Financial Studies, 46, 667-685. doi: 10.1111/ajfs.12186
Bushee, B. J., Jung, M. J., & Miller, G. S. (2011). Conference presentations and the disclosure milieu. Journal of Accounting Research, 49(5), 1163-1192. doi: 10.1111/j.1475-679X.2011.00426.x
Camiciottoli, B. C. (2011). Ethics and ethos in financial reporting: Analyzing persuasive language in earnings calls. Business Communication Quarterly, 74(3), 298–312. doi: 10.1177/1080569911413810
Campbell, J. Y., Lo, A. W. C., & MacKinlay, A. C. (1997). The econometrics of financial markets. Princeton, NJ: Princeton University Press
Chan, A. L., Lee, E., Petaibanlue, J., & Tan, N. (2017). Do board interlocks motivate voluntary disclosure? Evidence from Taiwan. Review of Quantitative Finance and Accounting, 48(2), 441-466. doi: 10.1007/s11156-016-0557-1
Chin, C., Chen, Y., & Liang, J. (2013). International diversification and conference calls. Asia-Pacific Journal of Accounting & Economics, 20(3), 297-314. doi: 10.1080/16081625.2012.719856
Davis, A. K., Ge, W., & Matsumoto, D. (2015). The effect of manager-specific optimism on the tone of earnings conference calls. Review of Accounting Studies, 20, 639-673. doi: 10.1007/s11142-014-9309-4
Doran, J. S., Peterson, D. R., & Price, S. M. (2012). Earnings conference call content and stock price: The case of REITs. Journal of Real Estate Finance and Economics, 45(2), 402-434. doi: 10.1007/s11146-010-9266-z
Dzieliiski, M., Wagner, A. F., & Zeckhauser, R. J. (2017). Straight talkers and vague talkers: The effects of managerial style in earnings conference calls. NBER Working Paper No. w23425. doi: 10.3386/w23425
Frankel, R., Johnson, M., & Skinner, D. J. (1999). An empirical examination of conference calls as a voluntary disclosure medium. Journal of Accounting Research, 37(1), 133-150. Retrieved from http://www.jstor.org/stable/2491400
Groysberg, B., Healy, P., Serafeim, G., & Shanthikumar, D. (2013). The stock selection and performance of buy-side analysts. Management Science, 59(5), 1062-1075. Retrieved from http://www.jstor.org/stable/23443927
Hales, J., Kuang, X. I. J., & Venkataraman, S. (2011). Who believes the hype? An experimental examination of how language affects investor judgments. Journal of Accounting Research, 49(1), 223-255. doi: 10.1111/j.1475-679X.2010.00394.x
Henry, E. (2008). Are investors influenced by how earnings press releases are written? Journal of Business Communication, 45(4), 363-407. doi: 10.1177/0021943608319388
Henry, E., & Leone, A. J. (2016). Measuring qualitative information in capital markets research: Comparison of alternative methodologies to measure disclosure tone. The Accounting Review, 91(1), 153-178. doi: 10.2308/accr-51161
Hobbs, J., & Singh, V. (2015). A comparison of buy-side and sell-side analysts. Review of Financial Economics, 24, 42-51. doi: 10.1016/j.rfe.2014.12.004
Huang, X., Teoh, S. H., & Zhang, Y. (2014). Tone management. Accounting Review, 89(3), 1083-1113. doi: 10.2308/accr-50684
Kang, T., Park, D. H., & Han, I. (2018). Beyond the numbers: The effect of 10-K tone on firms’ performance predictions using text analytics. Telematics and Informatics, 35(2), 370-381. doi: 10.1016/j.tele.2017.12.014
Kearney, C., & Liu, S. (2014). Textual sentiment in finance: A survey of methods and models. International Review of Financial Analysis, 33, 171-185. doi: 10.1016/j.irfa.2014.02.006
Larcker, D. F., & Zakolyukina, A. A. (2012). Detecting deceptive discussions in conference calls. Journal of Accounting Research, 50(2), 495-540. doi: 10.1111/j.1475-679X.2012.00450.x
Lee, J. (2016). Can investors detect managers’ lack of spontaneity? Adherence to predetermined scripts during earnings conference calls. Accounting Review, 91(1), 229-250. doi: 10.2308/accr-51135
Loughran, T., & McDonald, B. (2011). When is a liability not a liability? Textual analysis, distionaries, and 10-Ks. Journal of Finance, 66(1), 35-65. doi: 10.1111/j.1540-6261.2010.01625.x
Loughran, T., & McDonald, B. (2016). Textual analysis in accounting and finance: A survey. Working Paper. doi: 10.2139/ssrn.2504147
MacKinlay, A. C. (1997, March). Event studies in economics and finance. Journal of Economic Literature, 35, 13-39. doi: 10.2307/2729691
Matsumoto, D., Pronk, M., & Roelofsen, E. (2011). What makes conference calls useful? The information content of managers’ presentations and analysts’ discussion sessions. The Accounting Review, 86(4), 1383–1414. doi: 10.2308/accr-10034
Mayew, W. J., & Venkatachalam, M. (2012). The power of voice: Managerial affective states. The Journal of Finance, LXVII(1), 1-43. doi: 10.1111/j.1540-6261.2011.01705.x
Moreira, N. C., Ramos, F., Kozak-Rogo, J., & Rogo, R. (2016). Conference calls: Uma análise empírica do conteúdo informacional e do tipo de notícia divulgada. BBR – Brazilian Business Review, 13(6), 304-329. doi: 10.15728/bbr.2016.13.6.6
Pagliarussi, M. S., Aguiar, M. O., & Galdi, F. C. (2016). Sentiment analysis em relatórios anuais de empresas brasileiras com ações negociadas na BM&FBovespa. BASE – Revista de Administração e Contabilidade da Unisinos, 13(1), 53-64. doi: 10.4013/base.2016.131.04
Palmieri, R., Rocci, A., & Kudrautsava, N. (2015). Argumentation in earnings conference calls. Corporate standpoints and analysts’ challenges. Studies in Communication Sciences, 15(1), 120-132. doi: 10.1016/j.scoms.2015.03.014
Price, S. M., Doran, J. S., Peterson, D. R., & Bliss, B. A. (2012). Earnings conference calls and stock returns: The incremental informativeness of textual tone. Journal of Banking and Finance, 36(4), 992-1011. doi: 10.1016/j.jbankfin.2011.10.013
Souza, A. C. de. (2017). As palavras importam? O uso do tom linguístico nos discursos das apresentações de resultados. São Paulo, SP: Universidade de São Paulo, Faculdade de Economia, Administração e Contabilidade.
Tasker, S. C. (1998). Bridging the information gap: Quarterly conference calls as a medium for voluntary disclosure. Review of Accounting Studies, 3(1-2), 137-167. https://doi.org/10.1023/A:1009684502135
Teoh, S. H. (2018). The promise and challenges of new datasets for accounting research. Accounting, Organizations and Society, 68-69, 109-117. doi: 10.1016/j.aos.2018.03.008
Verrecchia, R. E. (2001). Essays on disclosure. Journal of Accounting and Economics, 32(1-3), 97-180. doi: 10.1016/S0165-4101(01)00025-8
Yamamoto, R., & Hirata, H. (2012). Belief changes and expectation heterogeneity in buy-and sell-side professionals in the Japanese stock market. Pacific-Basin Finance Journal, 20(5), 723-744. doi: 10.1016/j.pacfin.2012.03.001
