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作者

来源

JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS,Vol.54,Issue4,P.515-557

语言

英文

关键字

REITs; Conference calls; Disclosure; Stock returns; Vocal cues; Layered voice analysis; ESTATE INVESTMENT TRUSTS; INFORMATION ASYMMETRY; LIQUIDITY MANAGEMENT; ANALYZING SPEECH; DETERMINANTS; PERFORMANCE; UNCERTAINTY; GOVERNANCE; LANGUAGE; ANALYSTS

作者单位

[Price, S. McKay] Lehigh Univ, Perella Dept Finance, Bethlehem, PA 18015 USA. [Seiler, Michael J.] Coll William & Mary, Mason Sch Business, Williamsburg, VA 23187 USA. [Shen, Jiancheng] Regent Univ, Coll Arts & Sci, 1000 Regent Univ Dr, Virginia Beach, VA 23464 USA. Price, SM (reprint author), Lehigh Univ, Perella Dept Finance, Bethlehem, PA 18015 USA. E-Mail: smp210@lehigh.edu; michael.seiler@mason.wm.edu; jshen@regent.edu

摘要

We examine the investor reaction to emotionally charged information. Using audio files of quarterly earnings conference calls and specialized Layered Voice Analysis software, we isolate the emotional content of managers' vocal cues. With results that are both statistically and economically significant, we find that executive emotion is positively related to investors' initial reaction. Moreover, this strong investor reaction to emotional signals by REIT managers appears to be justified, suggesting that credible, value-relevant information is contained in the emotion related signals. However, we also find some limited evidence of a partial reversal in subsequent trading windows, suggesting that investors may second guess themselves or fear they overreacted.