Science

Transparency in earnings calls does not guarantee equal access to information

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Based on a feed excerpt; full article content has not been acquired. Source evidence retrieved 12/11/2026, 18:25:25 UTC.

Briefings

A Finnish doctoral dissertation by Kaisa Penttinen at the University of Vaasa (2026) indicates that analysts' and management's specialized language in earnings calls provides investors with useful information beyond written reports, challenging the assumption that transparency guarantees equal access. The study suggests Q&A sessions contain value not found in standard disclosures.

Key points

• Kaisa Penttinen's doctoral dissertation at the University of Vaasa, Finland, analyzes earnings call language in listed companies.
• The dissertation demonstrates that specialized language in Q&A sessions delivers information beyond written reports alone.

Context

This research addresses the debate on whether financial analysts' and management's specialized language in earnings calls provides investors with useful information beyond what is disclosed in written reports alone.

Limitations

The evidence is limited to a single doctoral dissertation by Kaisa Penttinen at the University of Vaasa, Finland, published in 2026. The study does not provide broader statistical validation, nor does it include data on investor reaction or market impact.

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