Voice Beyond Words: Evidence That Managerial Tone Predicts Returns When Text Does Not
A 2026 paper by Pope on news sentiment and text signals in equities: the abstract mentions alpha and leaves out a benchmark, an out-of-sample test, transaction costs, multiple testing and the size of the universe.
“Our findings demonstrate that even when language is devoid of strong sentiment, the acoustic properties of executive speech can predict post-earnings announcement drift, with top-quintile portfolios based on vocal features generating alpha of 40-70 basis points over 10-to 30-day holding periods.”
AssetEquities
StrategyNews sentimentevent-driven strategies
GeographyUS
ClaimAlpha
Also stated: Fundamentals, Text and news
Missing from abstract: benchmark, out-of-sample test, costs, multiple testing, universe
Institutional-grade audit of this strategy.
£5 — Request the audit- Audit of the paper claims accounting for costs, luck, crises, originality, geography, etc.
- Reproduction code integratable into Bloomberg, IBKR, etc.
- Bias-free datasets for backtesting included
- Delivered in 2 working days
The paper's neighbourhoodNews sentiment and text signals by year
FamilyNews sentiment and text signals148Momentum and trend following289Factor investing240Machine learning return prediction15318 more · 854
AssetEquities97
The family is counted across the whole universe. Asset, method and authors are counted inside the family.
| Similar papers | citation | same method | same asset | same authors | |
|---|---|---|---|---|---|
| Execution-Aware Alpha Mining: Teaching LLM Factor Agents to Account for Trading Costs by Nagireddy | 2026 | ||||
| Memorisation or Alpha? Detecting Look-Ahead Contamination in Cross-Sectional Equity Signals by Nguyen | 2026 | ||||
| Beta Recall, Alpha Recall, and a Contamination Detector that Needs No Labels * Measuring Training-data Leakage in LLM Equity Signals by Nguyen | 2026 | ||||
| LLM-Based High-Growth Potential Ranking and Portfolio Selection: Evidence from China's Optical Industry by Lin and Xue | 2026 | ||||
| Trials-adjusted Out-of-Sample Gating for LLM-proposed Trading Strategies by Olagoke | 2026 |