We use the measure developed by Ireland et al. (2011) to measure CEO-CFO LSM for each included transcript. To do so, we extract all the words spoken by the CEO and the CFO during the Q&A section and save them as two separate files. We then context-analyze the CEO and the CFO files separately using Linguistic Inquiry and Word Count (LIWC) (Pennebaker, Booth, & Francis, 2007). LIWC is a word count program with over 70 pre-defined grammatical dictionaries, including function word categories and psychological dictionaries. The output from LIWC is based on the percentage of words from each category used during the Q&A section. We focus on the percentage of total words in a text that fall into nine basic-level function word categories. Table 1 reports the nine categories of function words used to calculate LSM between CEOs and CFOs.