You can tell a bit about what the market thinks about a company from their earnings calls. When a CEO is under pressure, the analysts invariably sniff blood, and the questions become more curt, and more pointed.

So the fact RBC analyst Garry Sherriff went out of his way to compliment the level of transparency and disclosure provided by Xero chief executive Sukhinder Singh Cassidy on her first-half results call on Thursday is telling.