Because our first two dependent variables are at the CFO level and the unit of analysis accordingly is CFO-year, we calculate CEO-CFO LSM at the CFO-year level. We weight each transcript with the ratio of the total number of words spoken by the CEO and the CFO during the Q&A section of each conference call to the total number of words spoken by the CEO and the CFO during the Q&A sections of all the conference calls in a CFO-year.