[pt] A partir de uma perspectiva sociointeracional de análise de uma atividade de fala, este trabalho busca investigar através de um mapeamento temático e interacional, como analistas de investimento e executivos gerenciam a produção das as perguntas e respostas para atingir seus objetivos comunicativos e que fatores orientam a produção dos participantes. O corpus é constituído de earnings conferece calls de três companhias de capital aberto brasileiras, acessadas via Internet. A análise considera os efeitos que a mediação tecnológica tem sobre a estrutura de participação; a influência dos papeis institucionais, das diferentes especialidades e do alinhamento de múltiplos objetivos, na interpretação dada pelos executivos às perguntas e suas estratégias argumentativas; e nas habilidades comunicativas de analistas e executivos para lidar com as especificidades das relações de poder e do objetivo fim do evento: a segurança nas decisões de investimento por peritos e leigos. / [en] This work uses a social-interactional and activity based framework to investigate through thematic and interactional mapping how equity analysts and CEOs manage the production of questions and answers to achieve multiple communicative purposes and which factors orient participant production in earnings conference calls of three publicly traded Brazilian companies accessed via the Internet. The analysis considers the effects of technological mediation on participant structure; and the influence of roles-relational, expert orientation and agenda alignment on the interpretation of questions made by executive and their argumentative strategies; and on executive and analyst communicative ability to deal with power play features and activity ends-objectives: safe investment decisions by expert and lay players.

Earnings conference calls are salient sources of firm-specific information that provide both hard and soft information to investors. In this paper, I find that institutional investors participate more actively in earnings conference calls held by firms that receive less attention than their peers prior to conference calls. I construct a measure of relative inattention using the Bloomberg Heat Score, which captures the aggregate search activities of institutional investors at the firm level. Using a broad set of earnings conference call transcripts, I identify participants affiliated with institutional investors and their dialogue to examine the association between institutional investors' inattention and their activities during earnings conference calls. I show that institutional investors appear more often, ask more questions, and request more guidance in conference calls held by firms that receive less attention before the calls. Collectively, the results indicate that institutional investors compensate for the lack of firm-specific information with conference call participation, despite potential costs of publicly revealing their information acquisition.

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