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.
The two factors rank stocks differently: across 245 weekly formations, their score rankings have a mean correlation of +0.077. That makes a combination worth examining; it does not establish statistical independence or guarantee a better combined portfolio.
The study applies both factors among the most volatile fifth of stocks and gives lower priority to a stock when either score is among the weakest 20%. Averaged across three baseline rankings, weekly rebalanced portfolios gained 211 basis points over six months, with a 95% block-bootstrap interval above zero; buy & hold portfolios gained 112 basis points, with an interval that includes zero. With two Qlib models the joint rule added more than either factor alone. A control that penalizes the same number of stocks using ECPND alone performed about as well, so reliable incremental performance from the second factor remains to be demonstrated.
The paper presents paired portfolio results, continuous accounts and comparisons with each factor alone. It retains unfavourable outcomes and explains why a stronger selection rule can account for part of an apparent improvement. All three SGG Research papers use the same baselines, portfolio rules and costs, so their results can be read side by side. The results are historical; the threshold and the volatility filter were chosen after reviewing them, and a forward evaluation is recording new decisions as they happen. 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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