Die Reaktionsweise von Investoren auf affektive Managementstatements

Abstract

the results indicate that unexpe-rienced private investors tend to expect that the aggregate of investors predicts a significantly higher (lower) stock return if positively (negatively) formulated management statements are read. It can be concluded that in the eyes of this type of investor, consciously and/or unconsciously influencing, the wording contains substantial information. From a practical point of view, this would imply that the management could systematically influence the expectations and evaluations of unexperienced private investors. These interdependencies could not be identified in the case of professional investors and experienced private investors