"It’s Not Only What You Say, but How You Say It: Investors' Responses to Cooperative Communication"

Guided by principle of cooperative communication, our paper theorized how the structure top managers’ earnings conference call communications would influence investors’ market responses. We tested our hypotheses with top managers’ presentations at firms’ quarterly earnings conference calls. The findings suggested that how information is communicated matters to recipients and influences their subsequent actions. Our study advanced knowledge about how external stakeholders draw inferences from top managers’ communications.