... conference call linguistic complexity two-way engagement informative technical disclosure analyst forecasts market reaction This paper examines whether analysts and investors efficiently incorporate the informational signals from managerial linguistic complexity during conference calls...

...-provided disclosure. Results also suggest that, on average, CAM disclosures do not provide incremental information to the market. To further examine market reaction, we develop well-specified prediction models for the expected number and subject areas of CAMs. We find limited initial evidence...