在這篇論文中，我們運用公司經理人在法說會會議記錄的文字稿以及交給美國證監會的盈餘發表會文件做為資料。其中發現非通用會計每股盈餘以及經理人的情緒顯著了解釋公司未來的股票報酬。影響的管道來自於盈餘品質。我們發現，當經理人對本季營運狀況描述時的情緒越悲觀，其所申報之非通用會計每股盈餘之盈餘品質越差。而較差的盈餘品質隱含著經理人申報之盈餘在短期會誤導投資人，使其對此公司的價值做出錯誤的判斷。通常經理人申報非通用會計每股盈餘都是高於一般每股盈餘。所以當錯誤高估了盈餘表現，將導致未來股票的報酬下降。

In this paper, we used the data from the quarterly conference call transcripts. We find that non-GAAP earnings per share and the sentiment of the managers can explain the future stock returns. And we infer this can be explained from the earning quality perspective. When managers have a negative tone in conference call, they tend to report a non-GAAP earning per share that have a poor earning quality. When this happens, investors overvalue the stock of the firm, so future stock return decreases.

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