Analysts reveal more than company execs on earnings calls – AB

Sentiment signals derived from what analysts say beat those based on bosses’ responses, say quants

machine learning bias

The way analysts phrase questions on earnings calls gives a better clue to a company’s prospects than how executives answer, according to new research from quants at asset manager AB.

Systematic investors in pursuit of an investing edge have been using algorithms to derive sentiment scores from transcripts of company earnings calls. Corporate chiefs have cottoned on and are choosing their words carefully with the aim of leading the algos to a more favourable score. AB’s as-yet unpublished

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