This paper explores whether management tone in IPO online roadshows in the SSE STAR Market matters in information disclosure. We apply bag-of-words and machine learning methods to construct proxies for management tone, respectively. After conducting a series of empirical analyses, we find that management tone is positively associated with first-day stock returns and future operating performance after IPO. In additional analyses, we provide evidence that the information role played by management tone is transitory and that stock price reversals exist. Then, we document that investor sentiment has a mediating effect on the relationship between management tone and first-day stock returns after IPO. Finally, we demonstrate that compared with forward-looking statements, historical statements in management response texts provide more valuable information. Our research findings confirm that the management tone in IPO online roadshows plays an important information role, despite dramatic changes in information disclosure and stock offering systems in the SSE STAR Market.

中文翻译：

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信息披露中管理层语气重要吗？来自科创板IPO网上路演的证据

本文探讨科创板IPO网上路演的管理层语气对信息披露是否重要。我们分别应用词袋和机器学习方法来构建管理语气的代理。经过一系列的实证分析，我们发现管理层的语气与IPO后的首日股价回报和未来经营业绩呈正相关。在其他分析中，我们提供的证据表明，管理层语气所发挥的信息作用是暂时的，并且股票价格反转是存在的。然后，我们记录了投资者情绪对管理层基调与 IPO 后首日股票回报之间的关系具有中介作用。最后，我们证明，与前瞻性陈述相比，管理层回应文本中的历史陈述提供了更有价值的信息。我们的研究结果证实，尽管科创板的信息披露和发行制度发生了巨大变化，IPO网上路演的管理层语气仍发挥着重要的信息作用。