层次与变化:文本信息的信息内容

IF 16.4 1区化学 Q1 CHEMISTRY, MULTIDISCIPLINARY

Accounts of Chemical Research Pub Date : 2021-07-07 DOI:10.1111/irfi.12359

Kotaro Miwa

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引用次数: 0

摘要

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。

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Levels versus changes: Information contents of textual information

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.

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来源期刊

Accounts of Chemical Research 化学-化学综合

CiteScore

31.40

自引率

1.10%

发文量

312

审稿时长

2 months

期刊介绍： Accounts of Chemical Research presents short, concise and critical articles offering easy-to-read overviews of basic research and applications in all areas of chemistry and biochemistry. These short reviews focus on research from the author’s own laboratory and are designed to teach the reader about a research project. In addition, Accounts of Chemical Research publishes commentaries that give an informed opinion on a current research problem. Special Issues online are devoted to a single topic of unusual activity and significance. Accounts of Chemical Research replaces the traditional article abstract with an article "Conspectus." These entries synopsize the research affording the reader a closer look at the content and significance of an article. Through this provision of a more detailed description of the article contents, the Conspectus enhances the article's discoverability by search engines and the exposure for the research.