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首页> 外文期刊>The Journal of real estate finance and economics >Do Investors Infer Vocal Cues from CEOs During Quarterly REIT Conference Calls?
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Do Investors Infer Vocal Cues from CEOs During Quarterly REIT Conference Calls?

机译：投资者是否在季度REIT电话会议上推断出首席执行官的声音线索？

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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.
机译：我们考察了投资者对情绪化信息的反应。使用季度收益电话会议的音频文件和专用的分层语音分析软件，我们可以隔离经理人语音提示的情感内容。通过具有统计和经济意义的结果，我们发现高管情绪与投资者的最初反应成正相关。此外，投资者对房地产投资信托基金经理对情绪信号的强烈反应似乎是有道理的，这表明与情绪相关的信号中包含可信的，与价值相关的信息。但是，我们还发现在随后的交易窗口中部分逆转的有限证据，表明投资者可能会第二次猜测自己或担心自己反应过度。

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