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This study analyzes the sentiment expressed during nearly 78,000 earnings conference calls from US firms between 2004 and 2018 using textual analysis. The research compares sentiment between female and male senior managers (CEOs and CFOs), focusing on tone and vagueness as key measures.

Key Findings:

1. Gendered Sentiment in Executive Communication: Female executives exhibit a more positive and less vague tone than their male counterparts during earnings calls, suggesting a distinct linguistic pattern. This difference does not stem from information content but appears to be a unique feature of female executive communication.

2. Financial Analysts' Gender Bias: Financial analysts participating in these calls show a bias against female executives, expressing less positivity and more vagueness when addressing them.

3. Market Reaction: Interestingly, the stock market reaction to the call is influenced by the sentiment expressed during the call itself, but not by the executive's gender.

Contribution and Future Research:

The study contributes to the understanding of gender differences in corporate communication and financial markets. The large sample size—a significant upgrade from previous studies—allows for robust insights.

Future research avenues suggested include exploring:
- The link between earnings calls, gender diversity, and cross-listings or internationalization strategies.
- How sentiment analysis can further our understanding of lawsuits and their outcomes related to gender diversity.