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DeepVoice forecasts financial risk by leveraging not only what managers say (verbal linguistic cues) but also how managers say it (vocal cues) during the earnings conference calls. The design of DeepVoice addresses several challenges associated with the analysis of nonverbal communication. We also propose a two-stage deep learning model to effectively integrate managers\u2019 sequential vocal and verbal cues. Using a unique dataset of 6,047 earnings call samples (audio recordings and textual transcripts) of S&amp;P 500 firms across four years, we show that DeepVoice yields remarkably lower risk forecast errors than that achieved by previous efforts. The improvement can also translate into nontrivial economic gains in options trading. The theoretical and practical implications of analyzing vocal cues are discussed.<\/jats:p>","DOI":"10.25300\/misq\/2022\/17062","type":"journal-article","created":{"date-parts":[[2023,5,4]],"date-time":"2023-05-04T16:58:03Z","timestamp":1683219483000},"page":"63-96","source":"Crossref","is-referenced-by-count":40,"title":["Unlocking the Power of Voice for Financial Risk Prediction: A Theory-Driven Deep Learning Design Approach"],"prefix":"10.25300","volume":"47","author":[{"given":"Yi","family":"Yang","sequence":"first","affiliation":[{"name":"Department of Information Systems, Business Statistics and Operations Management Hong Kong University of Science and Technology, Sai Kung, Hong Kong"}]},{"given":"Yu","family":"Qin","sequence":"additional","affiliation":[{"name":"Department of Operations and Information Systems, David Eccles School of Business, University of Utah, Salt Lake City, UT, U.S.A."}]},{"given":"Yangyang","family":"Fan","sequence":"additional","affiliation":[{"name":"School of Accounting and Finance, Faculty of Business Hong Kong Polytechnic University, Kowloon, Hong Kong"}]},{"given":"Zhongju","family":"Zhang","sequence":"additional","affiliation":[{"name":"W. 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