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HFEPX · Eval paper review

Fast Numbers, Slow Language: Bridging Quantitative and Qualitative Earnings Signals

Ding Yu, Zhuo Liu, Hao Zhang, Hangfeng He

Published

Jun 29, 2026

Citations

0

Trust level

Low

Usefulness score

0/100 (Low)

Extraction confidence

35% (Low)

Derived from extracted protocol signals and abstract evidence.

Rater population

Not reported

Signals refreshed

Jun 29, 2026

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Automatic Metrics

Should you rely on this paper?

This paper is adjacent to HFEPX scope and is best used for background context, not as a primary protocol reference.

Use this as background context only. Do not make protocol decisions from this page alone.

Best use

Background context only

Use if you need

A secondary eval reference to pair with stronger protocol papers.

What to verify

Validate the evaluation procedure and quality controls in the full paper before operational use.

Main weakness

This paper looks adjacent to evaluation work, but not like a strong protocol reference.

Human feedback signal
Not explicit
Not explicit in abstract metadata
Evaluation signal
Detected
Eval setup described
Usefulness for eval research
0/100
Adjacent candidate

Treat as adjacent context, not a core eval-method reference.

If you are doing eval pipeline work, start here

Human Eval Papers LLM-as-Judge Papers Pairwise Preference Papers Tool-Use Evaluation Search

Abstract

Earnings announcements release two types of information sequentially: quantitative surprise (numeric earnings-per-share (EPS)/revenue versus analyst estimate) arrives first in press releases and financial news, processed by algorithmic traders within minutes; qualitative language (management tone, guidance, question-and-answer (Q&A) credibility) arrives 30-90 min later in the earnings conference call transcript (ECT), requiring human interpretation overnight. Financial economists have studied quantitative surprise for 50 years; natural language processing (NLP) researchers have studied qualitative ECT signals for a decade. Despite studying the same event, the two communities used incompatible frameworks: different targets (return vs. volatility), trading setups (long top-decile and short bottom-decile vs. trade-all), and metrics (return spread between top and bottom 20% (Q5-Q1) vs. mean squared error (MSE)), making direct comparison and connection challenging. We bridge these communities with EarningsInOne, the first corpus aligning earnings news, ECTs, and intraday and next-day prices across SP 1500 (broad U.S. equity universe, 2022-2025). Applying unified trading and evaluation tools to both signal types, we confirm a clean speed separation, fast numbers, slow language: quantitative surprise peaks at announcement and is largely eliminated by the next market open; qualitative ECT sentiment peaks on the next trading day, real and tradeable, but hidden under prior transcript-based evaluation that optimised sign-agnostic volatility with pointwise MSE.

What we could verify

These are the protocol signals we could actually recover from the available paper metadata. Use them to decide whether this paper is worth deeper reading.

Human Feedback Types

missing

None explicit

No explicit feedback protocol extracted.

"Earnings announcements release two types of information sequentially: quantitative surprise (numeric earnings-per-share (EPS)/revenue versus analyst estimate) arrives first in press releases and financial news, processed by algorithmic traders within minutes; qualitative language (management tone, guidance, question-and-answer (Q&A) credibility) arrives 30-90 min later in the earnings conference call transcript (ECT), requiring human interpretation overnight."

Evaluation Modes

partial

Automatic Metrics

Includes extracted eval setup.

"Earnings announcements release two types of information sequentially: quantitative surprise (numeric earnings-per-share (EPS)/revenue versus analyst estimate) arrives first in press releases and financial news, processed by algorithmic traders within minutes; qualitative language (management tone, guidance, question-and-answer (Q&A) credibility) arrives 30-90 min later in the earnings conference call transcript (ECT), requiring human interpretation overnight."

Quality Controls

missing

Not reported

No explicit QC controls found.

"Earnings announcements release two types of information sequentially: quantitative surprise (numeric earnings-per-share (EPS)/revenue versus analyst estimate) arrives first in press releases and financial news, processed by algorithmic traders within minutes; qualitative language (management tone, guidance, question-and-answer (Q&A) credibility) arrives 30-90 min later in the earnings conference call transcript (ECT), requiring human interpretation overnight."

Benchmarks / Datasets

missing

Not extracted

No benchmark anchors detected.

"Earnings announcements release two types of information sequentially: quantitative surprise (numeric earnings-per-share (EPS)/revenue versus analyst estimate) arrives first in press releases and financial news, processed by algorithmic traders within minutes; qualitative language (management tone, guidance, question-and-answer (Q&A) credibility) arrives 30-90 min later in the earnings conference call transcript (ECT), requiring human interpretation overnight."

Reported Metrics

partial

Mse

Useful for evaluation criteria comparison.

"mean squared error (MSE)), making direct comparison and connection challenging."

Benchmarks and datasets

No benchmark or dataset names were extracted from the available abstract.

Reported metrics

mse
Human feedback details
Uses human feedback
No
Feedback types
None
Rater population
Not reported
Expertise required
General
Evaluation details
Evaluation modes
Automatic Metrics
Agentic eval
None
Quality controls
Not reported
Evidence quality
Low
Use this page as
Background context only

Research brief

Metadata summary

Earnings announcements release two types of information sequentially: quantitative surprise (numeric earnings-per-share (EPS)/revenue versus analyst estimate) arrives first in press releases and financial news, processed by algorithmic traders within minutes; qualitative language (management tone, guidance, question-and-answer (Q&A) credibility) arrives 30-90 min later in the earnings conference call transcript (ECT), requiring human interpretation overnight.

Based on abstract + metadata only. Check the source paper before making high-confidence protocol decisions.

Key takeaways

  • Earnings announcements release two types of information sequentially: quantitative surprise (numeric earnings-per-share (EPS)/revenue versus analyst estimate) arrives first in press releases and financial news, processed by algorithmic traders within minutes; qualitative language (management tone, guidance, question-and-answer (Q&A) credibility) arrives 30-90 min later in the earnings conference call transcript (ECT), requiring human interpretation overnight.
  • Financial economists have studied quantitative surprise for 50 years; natural language processing (NLP) researchers have studied qualitative ECT signals for a decade.
  • Despite studying the same event, the two communities used incompatible frameworks: different targets (return vs.

Researcher actions

  • Compare this paper against nearby papers in the same arXiv category before using it for protocol decisions.
  • Check the full text for explicit evaluation design choices (raters, protocol, and metrics).
  • Use related-paper links to find stronger protocol-specific references.

Caveats

  • Generated from abstract + metadata only; no PDF parsing.
  • Signals below are heuristic and may miss details reported outside the abstract.

Recommended queries

Contribution summary

  • Earnings announcements release two types of information sequentially: quantitative surprise (numeric earnings-per-share (EPS)/revenue versus analyst estimate) arrives first in press releases and financial news, processed by algorithmic…
  • trade-all), and metrics (return spread between top and bottom 20% (Q5-Q1) vs.
  • Applying unified trading and evaluation tools to both signal types, we confirm a clean speed separation, fast numbers, slow language: quantitative surprise peaks at announcement and is largely eliminated by the next market open; qualitative…

Why it matters for eval

  • Earnings announcements release two types of information sequentially: quantitative surprise (numeric earnings-per-share (EPS)/revenue versus analyst estimate) arrives first in press releases and financial news, processed by algorithmic…
  • Applying unified trading and evaluation tools to both signal types, we confirm a clean speed separation, fast numbers, slow language: quantitative surprise peaks at announcement and is largely eliminated by the next market open; qualitative…

Researcher checklist

  • Human feedback protocol is explicit

    No explicit human feedback protocol detected.

  • Evaluation mode is explicit

    Detected: Automatic Metrics

  • Quality control reporting appears

    No calibration/adjudication/IAA control explicitly detected.

  • Benchmark or dataset anchors are present

    No benchmark/dataset anchor extracted from abstract.

  • Metric reporting is present

    Detected: mse