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Contribution Details
| Type | Master's Thesis |
| Scope | Discipline-based scholarship |
| Title | CEO communication during extreme events |
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| Institution | University of Zurich |
| Faculty | Faculty of Business, Economics and Informatics |
| Number of Pages | 62 |
| Date | 2021 |
| Abstract Text | This thesis examines the relationship between the negative tone of CEOs and analysts in earnings conference calls and factors indicating firm-specific, respectively market-wide, extreme events. Earnings surprises deciles are used to define firm-specific extreme events, whereas the COVID-19 pandemic and the financial crisis provide periods of market-wide crises. The sample, consisting of 123,945 unique calls, reveals a convex, non-monotone relationship between negative tone and earnings surprise deciles and increased negativity levels during market-wide crises. Analyses of the impact of CEO negativity during extreme events on the market reaction and future firm performance reveal no event-contingent effects. |
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