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Fast Numbers, Slow Language: Bridging Quantitative and Qualitative Earnings Signals

Computation and Language 2026-06-29 v1 Computational Engineering, Finance, and Science

Abstract

Earnings announcements release two types of information sequentially: quantitative surprise (numeric earnings-per-share (EPS)/revenue versus analyst estimate) arrives first in press releases and financial news, processed by algorithmic traders within minutes; qualitative language (management tone, guidance, question-and-answer (Q&A) credibility) arrives 30-90 min later in the earnings conference call transcript (ECT), requiring human interpretation overnight. Financial economists have studied quantitative surprise for 50 years; natural language processing (NLP) researchers have studied qualitative ECT signals for a decade. Despite studying the same event, the two communities used incompatible frameworks: different targets (return vs. volatility), trading setups (long top-decile and short bottom-decile vs. trade-all), and metrics (return spread between top and bottom 20% (Q5-Q1) vs. mean squared error (MSE)), making direct comparison and connection challenging. We bridge these communities with EarningsInOne, the first corpus aligning earnings news, ECTs, and intraday and next-day prices across SP 1500 (broad U.S. equity universe, 2022-2025). Applying unified trading and evaluation tools to both signal types, we confirm a clean speed separation, fast numbers, slow language: quantitative surprise peaks at announcement and is largely eliminated by the next market open; qualitative ECT sentiment peaks on the next trading day, real and tradeable, but hidden under prior transcript-based evaluation that optimised sign-agnostic volatility with pointwise MSE.

Keywords

Cite

@article{arxiv.2606.29734,
  title  = {Fast Numbers, Slow Language: Bridging Quantitative and Qualitative Earnings Signals},
  author = {Ding Yu and Zhuo Liu and Hao Zhang and Hangfeng He},
  journal= {arXiv preprint arXiv:2606.29734},
  year   = {2026}
}

Comments

19 pages, 5 figures. Code and data: https://github.com/piqueyd/Fast-Numbers-Slow-Language