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Transcript Qa Combativeness

Updated dailyData needs: mediumshort only

In plain terms

Analysts asking longer questions paired with shorter manager answers signals skepticism — predicts near-term underperformance.

How it works

Hollander-Pronk-Roelofsen 2010 + Matsumoto-Pronk-Roelofsen 2011: longer analyst questions + lower management answer/question word-count ratios signal skepticism and predict near-term underperformance. Two per-call features: avg_analyst_q_len (tokens per analyst turn) and mgmt_response_ratio (CEO/CFO tokens / analyst tokens). z-score within own history; SHORT when current call's combativeness z > 1.0 (84th percentile). Long leg disabled because positive responses are noisy (good news makes execs talkative).

No live results for this strategy yet. Charts appear once it has earned a top spot on at least one stock, either on its own or as part of a blend of several strategies.

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Data dependencies

Daily prices
Adjusted-close OHLCV for every US-listed ticker; primary price feed.
Earnings call transcripts
Full earnings-call transcripts (prepared + Q&A), tokenised.

Expected edge

See the source research for the original effect size; a modern replication on new data may be weaker.

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