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首页> 外文期刊>The Journal of real estate finance and economics >Earnings Conference Call Content and Stock Price: The Case of REITs
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Earnings Conference Call Content and Stock Price: The Case of REITs

机译：收益电话会议的内容和股价：以房地产投资信托基金为例

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摘要

Using computer based content analysis, we quantify the linguistic tone of quarterly earnings conference calls for publicly traded Real Estate Investment Trusts (REITs). After controlling for the earnings announcement, we examine the relation between conference call tone and the contemporaneous stock price reaction. We find that the tone of the conference call dialogue has significant explanatory power for the abnormal returns at and immediately following quarterly earnings announcements. The question and answer portion of the conference calls dominates prepared managerial introductory remarks in explanatory significance. Furthermore, an overall positive tone in the conference call discussion between management and analysts is found to nearly offset the damaging effects of a negative earnings surprise.
机译：使用基于计算机的内容分析，我们量化了公开交易的房地产投资信托（REIT）的季度收益电话会议的语言基调。在控制了收入公告之后，我们研究了电话会议语气与当前股价反应之间的关系。我们发现电话会议对话的语气对季度收益公告及之后的异常收益具有重要的解释力。电话会议的问答部分在准备的管理介绍中占主导地位，具有解释性的意义。此外，在管理层和分析师之间的电话会议讨论中，总体上乐观的语气被发现几乎抵消了负面盈利意外的破坏性影响。

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  • 来源
    《The Journal of real estate finance and economics》 |2012年第2期|p.402-434|共33页
  • 作者

    James S. Doran; David R. Peterson; S. McKay Price;

  • 作者单位

    Department of Finance, College of Business, Florida State University, 821 Academic Way, P.O. Box 3061110, Tallahassee, FL 32306-1110, USA;

    Department of Finance, College of Business, Florida State University, 821 Academic Way, P.O. Box 3061110, Tallahassee, FL 32306-1110, USA;

    Perella Department of Finance, Lehigh University, 621 Taylor Street, Bethlehem, PA 18015, USA;

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  • 原文格式 PDF
  • 正文语种 eng
  • 中图分类
  • 关键词

    REITs; conference calls; content analysis; Tone;

    机译：房地产投资信托;电话会议;内容分析;音;

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