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Related papers: Credit Information in Earnings Calls

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Economic behavior is shaped not only by quantitative information but also by the narratives through which such information is communicated and interpreted (Shiller, 2017). I show that narratives extracted from earnings calls significantly…

General Finance · Quantitative Finance 2025-11-26 Giuseppe Matera

Financial market analysis has focused primarily on extracting signals from accounting, stock price, and other numerical hard data reported in P&L statements or earnings per share reports. Yet, it is well-known that the decision-makers…

Statistical Finance · Quantitative Finance 2022-03-24 Sourav Medya , Mohammad Rasoolinejad , Yang Yang , Brian Uzzi

Earnings calls are hosted by management of public companies to discuss the company's financial performance with analysts and investors. Information disclosed during an earnings call is an essential source of data for analysts and investors…

Statistical Finance · Quantitative Finance 2020-09-04 Zhiqiang Ma , Grace Bang , Chong Wang , Xiaomo Liu

Credit scoring is without a doubt one of the oldest applications of analytics. In recent years, a multitude of sophisticated classification techniques have been developed to improve the statistical performance of credit scoring models.…

Social and Information Networks · Computer Science 2020-03-20 María Óskarsdóttir , Cristián Bravo , Carlos Sarraute , Jan Vanthienen , Bart Baesens

We examine the incremental value of news-based data relative to the FRED-MD economic indicators for quantile predictions of employment, output, inflation and consumer sentiment in a high-dimensional setting. Our results suggest that news…

Econometrics · Economics 2024-05-15 Philipp Adämmer , Jan Prüser , Rainer Schüssler

Every fiscal quarter, companies hold earnings calls in which company executives respond to questions from analysts. After these calls, analysts often change their price target recommendations, which are used in equity research reports to…

Computation and Language · Computer Science 2019-06-25 Katherine A. Keith , Amanda Stent

Earnings calls are a key source of financial information about public companies. However, extracting information from these calls is difficult. Unlike the templatic filings required by the U.S. Securities and Exchange Commission (SEC) to…

Computation and Language · Computer Science 2026-05-06 Rasmus T. Aavang , Rasmus Tjalk-Bøggild , Alexandre Iolov , Giovanni Rizzi , Mike Zhang , Johannes Bjerva

In this paper, we investigate the influence of claims in analyst reports and earnings calls on financial market returns, considering them as significant quarterly events for publicly traded companies. To facilitate a comprehensive analysis,…

Computation and Language · Computer Science 2024-10-08 Agam Shah , Arnav Hiray , Pratvi Shah , Arkaprabha Banerjee , Anushka Singh , Dheeraj Eidnani , Sahasra Chava , Bhaskar Chaudhury , Sudheer Chava

Economic agents react to signals about future tax policy changes. Consequently, estimating their macroeconomic effects requires identification of such signals. We propose a novel text analytic approach for transforming textual information…

Econometrics · Economics 2025-01-03 Lenard Lieb , Adam Jassem , Rui Jorge Almeida , Nalan Baştürk , Stephan Smeekes

Firm disclosures about future prospects are crucial for corporate valuation and compliance with global regulations, such as the EU's MAR and the US's SEC Rule 10b-5 and RegFD. To comply with disclosure obligations, issuers must identify…

Statistical Finance · Quantitative Finance 2023-11-21 Moritz Scherrmann , Ralf Elsas

Identifying and exploring emerging trends in the news is becoming more essential than ever with many changes occurring worldwide due to the global health crises. However, most of the recent research has focused mainly on detecting trends in…

Computation and Language · Computer Science 2023-01-27 Nhu Khoa Nguyen , Thierry Delahaut , Emanuela Boros , Antoine Doucet , Gaël Lejeune

The purpose of this study is to estimate the correlation structure between multiple assets using financial text analysis. In recent years, as the background of elevating inflation in the global economy and monetary policy tightening by…

Computation and Language · Computer Science 2024-05-24 Yasuhiro Nakayama , Tomochika Sawaki , Issei Furuya , Shunsuke Tamura

Finance-related news such as Bloomberg News, CNN Business and Forbes are valuable sources of real data for market screening systems. In news, an expert shares opinions beyond plain technical analyses that include context such as political,…

Computation and Language · Computer Science 2024-04-03 Silvia García-Méndez , Francisco de Arriba-Pérez , Ana Barros-Vila , Francisco J. González-Castaño

Causality represents the foremost relation between events in financial documents such as financial news articles, financial reports. Each financial causality contains a cause span and an effect span. Previous works proposed sequence…

Computation and Language · Computer Science 2022-04-13 Tapas Nayak , Soumya Sharma , Yash Butala , Koustuv Dasgupta , Pawan Goyal , Niloy Ganguly

Earnings calls influence stock prices and are traditionally analyzed using sentiment and linguistic traces. Our research introduces a "Topic-Switching Index," a novel metric quantified through the transformer model FinBERT, to measure…

Computational Engineering, Finance, and Science · Computer Science 2023-09-12 Xuan Zhou , Yushen Huang

Financial disclosure analysis and Knowledge extraction is an important financial analysis problem. Prevailing methods depend predominantly on quantitative ratios and techniques, which suffer from limitations like window dressing and past…

Trading and Market Microstructure · Quantitative Finance 2021-01-13 Sridhar Ravula

Data on hundreds of variables related to individual consumer finance behavior (such as credit card and loan activity) is routinely collected in many countries and plays an important role in lending decisions. We postulate that the detailed…

General Economics · Economics 2021-11-09 Giacomo De Giorgi , Matthew Harding , Gabriel Vasconcelos

Corporate earnings announcements unpack large bundles of public information that should, in efficient markets, trigger jumps in stock prices. Testing this implication is difficult in practice, as it requires noisy high-frequency data from…

Econometrics · Economics 2026-01-16 Kim Christensen , Allan Timmermann , Bezirgen Veliyev

Risk-averse investors often wish to exclude stocks from their portfolios that bear high credit risk, which is a measure of a firm's likelihood of bankruptcy. This risk is commonly estimated by constructing signals from quarterly accounting…

Computational Finance · Quantitative Finance 2025-03-06 Maksim Papenkov , Beau Robinette

Mining financial text documents and understanding the sentiments of individual investors, institutions and markets is an important and challenging problem in the literature. Current approaches to mine sentiments from financial texts largely…

Information Retrieval · Computer Science 2018-11-28 Srikumar Krishnamoorthy
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