Proceedings of the 2026 2nd International Conference on Financial Innovation and Marketing Management (FIMM 2026)

2026 2nd International Conference on Financial Innovation and Marketing Management (FIMM 2026)

📍Singapore, Singapore🗓️ 2-4 July 2026
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The Impact of “Irrelevant Answers” in Earnings Briefings on Stock Price Crash Risk

Authors
Yi Xu1, *
1School of Information Science and Technology, ShanghaiTech University, Shanghai, 201210, China
*Corresponding author. Email: xuyi2024@shanghaitech.edu.cn
Corresponding Author
Yi Xu
Available Online 23 October 2026.
DOI
10.2991/978-94-6239-801-6_83How to use a DOI?
Keywords
Earnings Briefings; Stock Price Crash Risk; Irrelevant Answers; Semantic Similarity
Abstract

With the continuous improvement of capital market interactive mechanisms, earnings briefings have become a core information exchange platform for listed firms and investors. To conceal adverse news, management frequently adopts irrelevant, vague replies, aggravating market information asymmetry. Based on 2013–2023 earnings briefing Q&A texts of China’s A-share listed firms, this paper employs deep learning word vectors and soft cosine similarity to construct an indicator measuring irrelevant reply degrees. Empirical results show that higher irrelevant reply levels significantly raise stock price crash risks in both the current and subsequent years. Such evasive language essentially constitutes a typical form of bad news hoarding; temporarily hidden negative information leads to sharper stock declines after delayed release. Dynamic analysis verifies the risk-boosting effect is stronger in the following year, and core conclusions stay valid after PSM treatment to ease self-selection bias. This research expands bad news hoarding theory to real-time interactive scenarios, optimizes unstructured financial text measurement, and provides references for investors’ risk identification and regulators’ information disclosure supervision.

Copyright
© 2026 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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Volume Title
Proceedings of the 2026 2nd International Conference on Financial Innovation and Marketing Management (FIMM 2026)
Series
Advances in Economics, Business and Management Research
Publication Date
23 October 2026
ISBN
978-94-6239-801-6
ISSN
2352-5428
DOI
10.2991/978-94-6239-801-6_83How to use a DOI?
Copyright
© 2026 The Author(s)
Open Access
Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

Cite this article

risenwbib
TY  - CONF
AU  - Yi Xu
PY  - 2026
DA  - 2026/10/23
TI  - The Impact of “Irrelevant Answers” in Earnings Briefings on Stock Price Crash Risk
BT  - Proceedings of the 2026 2nd International Conference on Financial Innovation and Marketing Management (FIMM 2026)
PB  - Atlantis Press
SP  - 797
EP  - 805
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6239-801-6_83
DO  - 10.2991/978-94-6239-801-6_83
ID  - Xu2026
ER  -