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The Dangers of Late-Afternoon Earnings Calls
內容大綱
An analysis of more than 25,000 earnings calls made by publicly held U.S. companies reveals that the tone of calls is markedly different depending on the time of day--and stock returns over the next quarter reflect that tone, with negative calls associated with abnormal negative returns. Managers should consider these findings when scheduling calls and be aware that, for example, a 3 PM call is likely to have a far more negative tone than an 8 AM call.