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The Sentiment Cascade: A Sequential Structure from Earnings Calls through Media and Investors to Market Reaction

delete2026-05-06
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PRE
AI
C
Chuan-Chun Ho
D
Dong‐Shang Chang *
DOI:10.1016/j.ribaf.2026.103466delete
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Abstract

Abstract

En 中文
• SCM provides a system-level structural view of post–earnings call sentiment. • A sequential configuration fits the data better than alternative structures. • The sequential configuration does not fully capture market reaction. • A direct linkage remains after accounting for intermediary sentiment layers. • Structural linkages vary with firm characteristics and sentiment conditions.
Keywords:
Sentiment cascade
Earnings calls
Media sentiment
Investor sentiment
Market reaction

Journal

Research in International Business and Finance cover
Research in International Business and Finance
IF:
6.9
Papers:
2.7K
Citations:
1.0W

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