Levels versus changes: Information contents of textual information

IF 1.8 4区经济学 Q2 BUSINESS, FINANCE

International Review of Finance Pub Date : 2021-07-07 DOI:10.1111/irfi.12359

Kotaro Miwa

引用次数: 0

Abstract

We clarify the information value of changes in the textual information of analyst reports. The analyses reveal that stock prices react considerably to changes in the linguistic tone of reports. In addition, prices react asymmetrically to the levels and changes of report tone, overreact to the levels, and underreact to changes. Our evidence suggests that a change in the textual tone provides incremental information that investors overlook, supporting the informational value of changes in textual information.

查看原文本刊更多论文

层次与变化:文本信息的信息内容

阐明了分析报告文本信息变化的信息价值。分析表明，股票价格对报告语言语调的变化反应很大。此外，价格对水平和报告语气的变化反应不对称，对水平反应过度，对变化反应不足。我们的证据表明，文本语气的变化提供了投资者忽视的增量信息，支持文本信息变化的信息价值。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

求助全文

约1分钟内获得全文求助全文

来源期刊

International Review of Finance BUSINESS, FINANCE-

CiteScore

3.30

自引率

5.90%

发文量

期刊介绍： The International Review of Finance (IRF) publishes high-quality research on all aspects of financial economics, including traditional areas such as asset pricing, corporate finance, market microstructure, financial intermediation and regulation, financial econometrics, financial engineering and risk management, as well as new areas such as markets and institutions of emerging market economies, especially those in the Asia-Pacific region. In addition, the Letters Section in IRF is a premium outlet of letter-length research in all fields of finance. The length of the articles in the Letters Section is limited to a maximum of eight journal pages.