LLM-Based Pure Management Sentiment in Earnings Communication Conferences and Stock Returns

Rui Zhu; Jiayu Du; Qiang Ye

doi:10.2991/978-94-6239-830-6_4

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LLM-Based Pure Management Sentiment in Earnings Communication Conferences and Stock Returns

Authors

Rui Zhu¹, Jiayu Du¹^{, *}, Qiang Ye²

¹Harbin Institute of Technology, Harbin, 150000, Heilongjiang, China

²University of Science and Technology of China, Hefei, 230000, Anhui, China

^*Corresponding author. Email: hitdjy@hit.edu.cn

Corresponding Author

Jiayu Du

Available Online 14 November 2026.

DOI: 10.2991/978-94-6239-830-6_4 How to use a DOI?
Keywords: Pure Management Sentiment; Earnings Communication Conferences; Stock Returns; Large Language Model
Abstract: This study focuses on the impact of pure management sentiment on short-term stock returns. Using A-share listed companies in China from 2014 to 2023 as the research sample, this study employs the Qwen large language model to analyze textual information from earnings communication conferences and conducts an empirical analysis using the pure management sentiment indicator constructed by stripping out firm fundamentals and stock performance. The results indicate that pure management sentiment significantly boosts short-term stock returns. This positive impact is further strengthened by the quality of interactions and the level of industry competition, and is more evident in private companies and those with smaller market capitalizations. Furthermore, the results show that pure management sentiment influences short-term stock returns by increasing investors’ sentiment.
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 6th International Conference on Internet Finance and Digital Economy (ICIFDE 2026)
Series: Advances in Economics, Business and Management Research
Publication Date: 14 November 2026
ISBN: 978-94-6239-830-6
ISSN: 2352-5428
DOI: 10.2991/978-94-6239-830-6_4 How to use a DOI?
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

ris enw bib

TY  - CONF
AU  - Rui Zhu
AU  - Jiayu Du
AU  - Qiang Ye
PY  - 2026
DA  - 2026/11/14
TI  - LLM-Based Pure Management Sentiment in Earnings Communication Conferences and Stock Returns
BT  - Proceedings of the 6th International Conference on Internet Finance and Digital Economy (ICIFDE 2026)
PB  - Atlantis Press
SP  - 40
EP  - 52
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6239-830-6_4
DO  - 10.2991/978-94-6239-830-6_4
ID  - Zhu2026
ER  -

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