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    • Task-Oriented Speech and Information Processing

    Vineet Bhagwat,Sara E. Shirley,Jeffrey R. Stark

    JOURNAL OF BANKING & FINANCE（2024）

    George Washington Univ

    Cited 0|Views2
    Abstract
    We examine the impact of task-oriented speech (TOS) on market participants’ ability to process new information, where TOS quantifies a more direct method of communication. Focusing on a widely publicized information event, conference calls, we show that greater TOS is associated with lower ex-post total and idiosyncratic volatility and abnormal trading volume, even after controlling for linguistic characteristics, hard versus soft information, industry effects, and ex-ante implied volatility. TOS also impacts financial analysts: forecast error, forecast dispersion and disagreement are lower during the subsequent quarter. Overall, greater use of TOS increases the ability of financial markets to efficiently evaluate new information.
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    Key words
    Natural language processing,Earnings conference calls,Firm volatility,Financial analyst
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