Transcript Qa Evasion
In plain terms
Measures semantic distance between an analyst's question and management's answer. Evasive answers (high distance) predict 60-day underperformance.
How it works
Bochkay-Brown-Leone-Tucker (2024 JAR) "Managers' Use of Language in Earnings Conference Calls and Future Performance." Signal is the semantic distance between an analyst's question and management's answer. When the answer is far from the question (mgmt evading), the firm underperforms over the next 60 days. Reported: LS quintile Sharpe 1.4, 7.8% annualised. v1 uses Jaccard token-overlap distance as a CPU-only proxy; v2 will swap to sentence-embedding cosine.
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
- Reported return
- 7.8% ann. L/S (Bochkay-Brown-Leone-Tucker 2024)
- Reported Sharpe
- 1.4 quintile, 60d
- Tested over
- 2005-2022
Reported: LS quintile Sharpe 1.4, 7.8% annualised, 60-day horizon.
Explore Transcript Qa Evasion on alphactor.ai
See which tickers this family is currently firing on, with live signals and rankings.