SGG Research has published a study of Earnings Call Participation Network and Dynamics (ECPND) alongside Earnings Call Quantitative Dynamics and Intensity (ECQDI). First published on 29 September 2026, the note examines how participation history and quantitative patterns in external analyst contributions interact within the same US equity-selection process.
Across 245 weekly formations, the factors have a mean stock-ranking correlation of +0.076. Their lowest-fifth groups overlap on 4.34% of candidates with both scores. These observations show that the two inputs produce different rankings in the studied panel; they do not establish statistical independence or guarantee a better combined portfolio.
The original equal-weight rank combination adds 39 basis points to mean six-month buy & hold returns over the Qlib / LightGBM baseline, compared with 54 basis points for ECPND alone. A wider comparison examines 60 rules and 52 matched ECPND controls, including different weights and selection strengths. Some configurations are promising, but reliable incremental performance over a suitably matched ECPND-only rule remains to be demonstrated.
The paper presents correlation and overlap diagnostics alongside paired portfolio results, continuous accounts and sensitivity checks. It retains unfavourable outcomes and explains why a stronger selection rule can account for part of an apparent improvement. The results are historical, long-only research after the stated costs. The note is publicly readable and intended to support independent evaluation of whether the factors complement each other in a researcher's own models.
About SGG Research
SGG Research develops alternative data factors for US equity research. Its work examines who participates in earnings calls, how connections evolve across companies, and the quantitative content of external analyst contributions. SGG Research delivers versioned factor scores, historical datasets and documented studies for independent evaluation in customers' own models and workflows. Its products are data analytics and research services, not financial advice.
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