Prior research has used firms’ Letters to the Shareholders in their annual reports to capture top managers’ communication and cognitions (Fanelli, Misangyi, & Tosi, 2009; Gamache et al., 2015; Kaplan, 2008; Loomis & Meyer, 2000). Compared with Letters to the Shareholders, CEOs’ and CFOs’ speeches during conference calls are more spontaneous and can capture their personalized communication styles (Bowen, Davis, & Matsumoto, 2002; Francis, Hanna, & Philbrick, 1997).