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3220文章基于业绩说明会的文本分析，考察了管理层情感语调信息是否具有同业溢出效应。研究发现，管理层净正面语调与同业公司股票超额回报显著正相关；区分正面和负面语调之后，同业公司股价对负面语调的反应更加强烈。这表明管理层情感语调具有外部性，蕴含更多行业前景信息，且投资者更加重视其中的负面信息。此外，共同分析师跟踪、股价同步性越强以及龙头公司行业地位越高，管理层情感语调的同业溢出效应越强；当管理层情感语调与财务信息相互印证时，同业溢出效应更加显著。文章研究表明，业绩说明会情感语调能够为同业公司投资者提供增量信息，降低信息获取成本与投资不确定性，提升投资决策效率；同时，业绩说明会这种信息披露方式有助于塑造良好的市场信息环境，对于加强信息披露监管具有一定借鉴意义。
一叶知秋：情感语调信息具有同业溢出效应吗？——来自业绩说明会文本分析的证据
摘要
参考文献
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钟凯, 董晓丹, 彭雯, 等. 一叶知秋：情感语调信息具有同业溢出效应吗？——来自业绩说明会文本分析的证据[J]. 财经研究, 2021, 47(9): 48-62.
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