As advanced state-of-the-art algorithms make processing unstructured data increasingly manageable, investment professionals and data scientists are finding novel ways to extract insights from corporate disclosures. When managers speak during earnings calls or shareholder meetings, their vocal tones convey information beyond written sentiment expressed in transcripts. Can these tonal signals predict company performance? We review a paper that seeks to construct an accurate model for tonal analysis of earnings calls and reflect on available related data.

LITERATURE

We review the 2025 paper “Listen Closely: Measuring Vocal Tone in Corporate Disclosures,”¹ published in the Journal of Accounting Research.