Fast Numbers, Slow Language: Bridging Quantitative and Qualitative Earnings Signals
Earnings announcements release two types of information sequentially: quantitative surprise (numeric earnings-per-share (EPS)/revenue versus analyst estimate) arrives first in press releases and financial news, processed by algorithmic traders within minutes; qualitative language (management tone, guidance, question-and-answer (Q&A) credibility) arrives 30-90 min later in the earnings conference call transcript (ECT), requiring human interpretation overnight. Financial economists have studied quantitative surprise for 50 years; natural language processing (NLP) researchers have studied qualitative ECT signals for a decade. Despite studying the same event, the two communities used incompat...
| Authors | Ding Yu, Zhuo Liu, Hao Zhang et al. |
|---|---|
| Primary category | cs.CL |
| Published | 29 June 2026 |
| Last updated at source | 29 June 2026 |
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