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The Sonic and Textual Architecture of Financial Markets: A Multimodal Deep Learning Analysis of Executive Affect in Corporate Disclosures
Julian Antonelli , Department of Computational Finance, National University of Singapore, SingaporeAbstract
This research investigates the complex interplay between verbal and non-verbal communication in the context of corporate financial disclosures, specifically focusing on earnings conference calls and SEC filings. Historically, financial analysis has relied heavily on the quantitative data found in balance sheets; however, this study posits that the emotional state and vocal delivery of executives provide a significant, under-explored signal to the market. By synthesizing principles from communication theory, psychology, and advanced deep learning, the paper develops a multimodal sentiment analysis framework. We examine the "ripple effect" of emotional contagion and its influence on investor behavior, utilizing phonetic analysis tools to decode paralinguistic cues such as pitch, hesitation, and emphasis. The study further integrates web mining techniques to map innovation ecosystems and evaluate how distance from innovation hubs affects AI adoption and disclosure quality. Our findings suggest that textual sentiment in SEC filings, when moderated by the vocal affect of CEOs during live calls, significantly influences post-earnings announcement drift and analyst recommendations. The integration of deep learning models for predictive innovation mapping reveals that "noise" on internet message boards often masks high-value emotional signals. This comprehensive framework offers a new paradigm for understanding market efficiency through the lens of emotive communication pragmatics and automated sentiment extraction.
Keywords
Multimodal Sentiment Analysis, Earnings Calls, Financial Disclosures, Deep Learning
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