The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
Tone Management
Abstract
We investigate whether and when firms manage the tone of words in earnings press releases, and how investors react to tone management. We estimate abnormal positive tone, ABTONE, as a measure of tone management from residuals of a tone model that controls for firm quantitative fundamentals such as performance, risk, and complexity. We find that ABTONE predicts negative future earnings and cash flows, is positively associated with upward perception management events, such as, just meeting/beating thresholds, future earnings restatements, SEO, and M&A, and is negatively associated with a downward perception management event, stock option grants. ABTONE has a positive stock return effect at the earnings announcement and a delayed negative reaction in the one and two quarters afterward. Balance sheet constrained firms and older firms are more likely to employ tone management over accruals management. Overall, the evidence is consistent with managers using strategic tone management to mislead investors about firm fundamentals.
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Cites
Giving content to investor sentiment: The role of media in the stock market
TETLOCK, P. C. (2007) · The Journal of Finance · doi:10.1111/j.1540-6261.2007.01232.x · Cited by 4,827
The information content of mandatory risk factor disclosures in corporate filings
Campbell, J. L., Chen, H., Dhaliwal, D. S., Lu, H.-M., & Steele, L. B. (2014) · Review of Accounting Studies · doi:10.1007/s11142-013-9258-3 · Cited by 923
Cited by
TAN, H., YING WANG, E., & ZHOU, B. (2014) · Journal of Accounting Research · doi:10.1111/1475-679x.12039 · Cited by 299
Janik, A., & Ryszko, A. (2025) · Sustainability · doi:10.3390/su18010017 · Cited by 28
Beyond earnings quality: evaluating the quality of corporate disclosure practices
Dechow, P. M., Ge, W., Loh, W. T., & McVay, S. (2026) · Review of Accounting Studies · doi:10.1007/s11142-026-09971-2 · Cited by 1
Metadata
- Authors
- Huang, X., Teoh, S. H., & Zhang, Y.
- Venue
- The Accounting Review
- Publisher
- American Accounting Association
- Published
- 2013-12-01
- Volume
- 89
- Issue
- 3
- Pages
- 1083-1113
- ISSN
- 0001-4826 (ISSN-L)
- 1558-7967
- OpenAlex
- W4253889179
- Cited by
- 850
- References
- 2
- FWCI
- 35.15
- Type
- journal article
- Language
- en
- Open access
- closed
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