In this study we analyse the language employed by managers during earnings conference calls from a gender perspective and we measure the market reaction to female versus male held conference calls. We find strong evidences of the fact that the tone of female CEOs and CFOs conveys reliable information regarding future firm profitability and that female executives are less likely than male managers to manage their tone to mislead investors. However, our results show that the market’s reaction to earnings conference calls is significantly more silent when the manager holding the call is a woman, suggesting that investors’ perceptions are considerably biased by gender stereotypes.
Key-Words: Bilancio e comunicazione finanziaria
