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Transcript Finbert Qa Dispersion

Updated annualData needs: mediumshort onlylong onlylong short

2023

Huang, Wang & Yang (2023) *Contemporary Accounting Research*:

In plain terms

Listens to how steady management's tone is during analyst Q&A. If answers swing between confident and defensive, it usually signals trouble ahead.

How it works

Huang-Wang-Yang (2023 CAR) "FinBERT: A Large Language Model for Extracting Information from Financial Text." FinBERT-tone outperforms Loughran-McDonald wordcount on every post-call drift measure tested (3-day CAR R² roughly doubles). Follow-up Chen et al. (2024 JFE) reports ~5% annualised L/S on the Q&A-dispersion sub-signal. Own-history z of per-call Q&A sentiment dispersion (stdev of per-sentence pos-neg score): short when z ≥ +1 (uncertainty), long when z ≤ −1 (confident answers).

Live results

3 times picked on its own · 7 times inside a blend (4 beat the stock) · updated 2026-06-06

This strategy is a frequent ingredient in blends that combine a few strategies on one stock. It has contributed to 7 such blended picks (4 of which beat simply holding the stock). Picking it on its own is only one of the ways it shows up.

How its picks scored vs. buy & hold

Each pick is graded on a recent year it was never tuned on, against simply owning the same stock

Where its edge concentrates

Share of picks in each company-size group that beat buy & hold

How often it trades

Active vs. patient. Bars on the left mean it waits for rare setups; bars on the right mean it trades often

Return vs. buy & hold

How much each pick beat or trailed simply owning the stock over the test year (extreme microcap moves trimmed)

Loading substrate evidence…

Data dependencies

Daily prices
Adjusted-close OHLCV for every US-listed ticker; primary price feed.
Transcript finbert scores
A data feed this strategy reads, refreshed on its normal schedule.

Expected edge

Reported return: ~5% ann. L/S Q&A-dispersion (Huang-Wang-Yang 2023)
Tested over: 2003-2022

(2024 *JFE*) shows a ~5% annualised long-short on the Q&A-dispersion sub-signal.

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