# Same Company, Same Signal: The Role of Identity in Earnings Call Transcripts

arXiv: https://arxiv.org/abs/2412.18029 · HTML: https://mlsanity.com/paper/2412.18029/

## Key facts

- Cited by 2 papers in the map (data through 14 Oct 2026).
- Builds on 5 of its 27 references that are in the map.
- First posted on arXiv 23 Dec 2024.

## Builds on (most cited first, 5 of 5)

- [BERT: Pre-training of Deep Bidirectional Transformers for Language Understanding](https://mlsanity.com/paper/1810.04805/) (2018)
- [Autoformer: Decomposition Transformers with Auto-Correlation for Long-Term Series Forecasting](https://mlsanity.com/paper/2106.13008/) (2021)
- [FEDformer: Frequency Enhanced Decomposed Transformer for Long-term Series Forecasting](https://mlsanity.com/paper/2201.12740/) (2022)
- [NumHTML: Numeric-Oriented Hierarchical Transformer Model for Multi-task Financial Forecasting](https://mlsanity.com/paper/2201.01770/) (2022)
- [Beyond Surface Similarity: Detecting Subtle Semantic Shifts in Financial Narratives](https://mlsanity.com/paper/2403.14341/) (2024)

## Built on by (most cited first, 2 of 2)

- [Fast Numbers, Slow Language: Bridging Quantitative and Qualitative Earnings Signals](https://mlsanity.com/paper/2606.29734/) (2026)
- [MM-FinEval: A Multi-Task Multimodal Benchmark for Real-World Financial Forecasting](https://mlsanity.com/paper/2609.38523/) (2026)

## Abstract (arXiv)

Post-earnings volatility prediction is critical for investors, with previous works often leveraging earnings call transcripts under the assumption that their rich semantics contribute significantly. To further investigate how transcripts impact volatility, we introduce DEC, a dataset featuring accurate volatility calculations enabled by the previously overlooked beforeAfterMarket attribute and dense ticker coverage. Unlike established benchmarks, where each ticker has only around two earnings, DEC provides 20 earnings records per ticker. Using DEC, we reveal that post-earnings volatility undergoes significant shifts, with each ticker displaying a distinct volatility distribution. To leverage historical post-earnings volatility and capture ticker-specific patterns, we propose two training-free baselines: Post-earnings Volatility (PEV) and Same-ticker Post-earnings Volatility (STPEV). These baselines surpass all transcripts-based models on DEC as well as on established benchmarks. Additionally, we demonstrate that current transcript representations predominantly capture ticker identity rather than offering financially meaningful insights specific to each earnings. This is evidenced by two key observations: earnings representations from the same ticker exhibit significantly higher similarity compared to those from different tickers, and predictions from transcript-based models show strong correlations with prior post-earnings volatility.