Foundations and Trends® in Accounting > Vol 7 > Issue 2

Speech Analysis in Financial Markets

William J. Mayew, Duke University, Fuqua School of Business, USA, william.mayew@duke.edu Mohan Venkatachalam, Duke University, Fuqua School of Business, USA, mohan.venkatachalam@duke.edu
 
Suggested Citation
William J. Mayew and Mohan Venkatachalam (2013), "Speech Analysis in Financial Markets", Foundations and TrendsĀ® in Accounting: Vol. 7: No. 2, pp 73-130. http://dx.doi.org/10.1561/1400000024

Published: 01 Mar 2013
© 2013 W. J. Mayew and M. Venkatachalam
 
Subjects
 
Keywords
M41 accounting
Speech analysisFinancial marketsManagement communicationsNonverbal communicationVoiceLinguisticsEmotionsManagement DisclosuresFinancial Markets
 

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In this article:
1. Introduction
2. Research Approach and Speech Corpus
3. Research on Nonverbal Communication in Accounting and Finance
4. Research Challenges and Future Opportunities
5. Concluding Remarks
Appendix A. Variable Definitions
References

Abstract

The ways in which managers communicate information to capital market participants go far beyond financial statements and accounting numbers. Managers communicate economically relevant information both verbally, in documents distributed and available to investors (such as annual reports and SEC filings), and nonverbally, through meetings and conference calls with analysts and investors. We review research on the information contained in nonverbal communication, particularly vocal communication that occurs in organizational contexts. We also explore possible ways in which accounting researchers can draw useful insights from investigating managerial vocal communication. The advances in computerized voice analysis coupled with the increasing availability of audio files containing managerial communication presents promising research opportunities.

DOI:10.1561/1400000024
ISBN: 978-1-60198-652-8
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Table of contents:
1. Introduction
2. Research Approach and Speech Corpus
3. Research on Nonverbal Communication in Accounting and Finance
4. Research Challenges and Future Opportunities
5. Concluding Remarks
Appendix A. Variable Definitions
References

Speech Analysis in Financial Markets

The ways in which managers communicate information to capital market participants go far beyond financial statement numbers. Managers communicate economically relevant information both verbally, in documents distributed and available to investors, and non-verbally, through meetings and conference calls with analysts and investors. Over the past five years, the advances in computational linguistic software and the availability of large repositories of corporate text have facilitated an explosion of studies examining the information contained in verbal communication from management.

Speech Analysis in Financial Markets reviews research on the information contained in nonverbal communication that occurs in organizational contexts and explores ways in which accounting researchers can draw useful insights from investigating managerial nonverbal communication. It focuses on non-verbal communication from voice with a particular emphasis on discussing voice analysis from the standpoint of a researcher interested in conducting empirical archival assessments. After an introduction, section 2 discusses the research approaches to speech analysis and the importance of identifying speech corpus. Section 3 reviews the existing literature on voice analysis in accounting and finance primarily focused on management communication. Section 4 details the challenges to the literature, and offers some directions for future research, and section 5 offers concluding remarks.

 
ACC-024