Sure enough, in April and May, UBS put its Transcriptlytics tool to work on 250 earnings calls to extract a measure of management confidence (net sentiment) as well as of language complexity.
The tool then traces sector patterns for rising and falling confidence relative to nine years’ worth of past earning-call transcripts and focuses on individual company stories where the conference-call language indicates heightened complexity.
So, confidence is apparently rising in the commercial services sector and in healthcare, but falling in consumer services and in real estate, for example.
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