SGG Research's ECPND whitepaper takes the programme from a research question to a documented result. Earnings Call Participation Network and Dynamics examines who participates in earnings calls, how recurring participants connect companies and whether that history offers information useful to US equity research.
The paper explains the rationale for studying professional participation and the role of a supplied daily score. A company's latest eligible call is part of a wider history; the value for a decision date must be interpreted with the information eligible at that time. A missing score remains distinct from a low score, and a high score is not a forecast of a particular return.
The evaluation question is whether the factor adds value to an existing stock-selection process. Paired portfolios provide a way to ask that question while holding the underlying stock ranking, capital, execution assumptions and costs constant. Researchers can examine the score's application without needing access to the proprietary calculation.
The paper applies one rule to three established rankings, two Qlib models and momentum: among the most volatile fifth of stocks, the 20% with the weakest ECPND scores receive lower selection priority. From January 2022 to September 2026, all 18 comparisons across baselines, portfolio policies and horizons are positive. Averaged across the three baselines, buy & hold portfolios gained 37 basis points over three months, 80 over six and 172 over twelve, after costs of 10 basis points per trade; five of the 18 comparisons remain significant after a correction for multiple testing. 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 openly readable paper provides a common reference for researchers assessing participation data within their own models and workflows. Its purpose is to make the research question and portfolio application understandable, while distinguishing a supplied factor from an investment recommendation. ECPND is a data analytics and research product, not financial or investment advice.
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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