ABSTRACT This paper examines whether analysts and investors efficiently incorporate the informational signals from managerial linguistic complexity (e.g., Fog) into their forecasts and trading decisions. We predict that a manager’s Fog during a conference call provides a signal of their private information through their willingness to engage with analyst questions. We find that informative (obfuscatory) managerial Fog provides a positive (negative) signal of future earnings growth. We also find that analysts efficiently revise their forecasts to both positive and negative signals, whereas investors only correctly interpret obfuscation during the call; there is a delayed price reaction to informative Fog. However, when buy-side investors ask questions during a call, we find an efficient price reaction to informative Fog. Our findings highlight an important benefit of two-way interactive disclosures and underline the importance of active call participation for efficiently incorporating linguistic signals of managers’ private information. Data Availability: Data are available from the public sources cited in the text. JEL Classifications: D82; G14; G20; M41.

中文翻译：

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分析师和投资者在电话会议期间能否有效应对管理语言的复杂性？


摘要本文研究了分析师和投资者是否有效地将来自管理语言复杂性（例如，雾）的信息信号纳入他们的预测和交易决策中。我们预测，经理在电话会议期间的迷雾通过他们愿意回答分析师问题来提供他们私人信息的信号。我们发现信息丰富（模糊性）的管理雾提供了未来盈利增长的积极（消极）信号。我们还发现，分析师可以有效地将他们的预测修正为积极和消极的信号，而投资者只能在电话会议期间正确解释混淆的内容；价格对信息丰富的雾的反应有延迟。然而，当买方投资者在电话会议中提出问题时，我们发现信息丰富的雾会做出有效的价格反应。我们的研究结果强调了双向交互式披露的重要好处，并强调了主动呼叫参与对于有效整合经理私人信息的语言信号的重要性。数据可用性：数据可从文中引用的公共来源获得。 JEL 分类：D82； G14； G20； M41。