2021年11月9日学术报告通知

【讲座时间】2021年11月9日  15:30

【参与方式】线上（中目）

【讲座主题】What You Are versus What You Do:The Effect of Noun-Verb Framing in Earnings Conference Calls

【嘉宾介绍】杨彦嘉：伯尔尼大学 助理教授

【内容提要】

  Managers can describe their firms using nouns (e.g., our company is a provider of personalized services) or verbs (e.g., our company provides personalized services). We present a theory predicting that noun-verb framing affects investors' perceptions of firm’s stability and growth. We use a mediation-by-manipulation design and conduct three experiments to investigate the effect of noun-verb framing and firm type on investor judgments. Consistent with our predictions, nouns (verbs) lead to a higher perception of stability (growth). When investors evaluate a mature (growth) firm, they give a more favorable judgment to the firm using nouns (verbs) in its strategy disclosure, because the perceived fit between the strategies and the overall financial performance is higher. The findings inform managers, investors, and regulators on how word choices made by firms impact investors.