Linguistic complexity and gender in financial analysis: Evidence from earnings call questioning patterns

Abstract

This study examines gender-based differences in linguistic complexity during earnings conference calls. Using a comprehensive dataset of 157,968 analyst questions from 2015 to 2023, we analyze variations in syntactic complexity across analyst-CEO interactions. We find that male analysts exhibit greater syntactic variability, but lower lexical complexity compared to female analysts. These patterns are more pronounced when questioning female CEOs and in smaller firms. The linguistic variations have measurable market consequences, with significant associations between communication patterns and post-call market reactions. Our findings suggest that gender diversity in analyst ranks may enhance information extraction during earnings calls through complementary questioning strategies.