Work

Controlling the narrative: managers’ topic-shifting behavior in conference calls

Year: 2026

Type: article

Abstract: This study implements topical analysis to identify the extent to which managers shift their responses from analysts’ questions in earnings conference calls. We refer to this behavior as managerial topic-shifting. Using a sample of conference calls from 2002 to 2017, we find that managers in firms with better performance, more powerful CEOs, and a weaker information environment shift more from the topics of analysts’ inquiries. Managers are also more likely to shift topics when analysts’ questions display a more positive tone or lower specificity. Moreover, we find that managerial topic-shifting provides incremental information to capital markets by facilitating the incorporation of earnings information into stock prices. Our study documents a previously unexplored dimension of managerial disclosure strategy.

Source: Review of Accounting Studies

DOI: 10.1007/s11142-026-09952-5

Authors: Lili Dai, Ping Gong, Andrew B. Jackson, Zihang Peng

Institutions: UNSW Sydney, Yale University

Language: English

Topic: Auditing, Earnings Management, Governance

Subfield: Accounting

Field: Business, Management and Accounting

Domain: Social Sciences

Open Access status: hybrid

Estimated APC paid: $3,190