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The Incremental Information Content of Tone Change in Management Discussion and Analysis
16 references·4 citing·47 second hop
The Incremental Information Content of Tone Change in Management Discussion and Analysis (2008)The Incremental Information Content of To…Are Investors Influenced By How Earnings Press Releases Are Written? (2008)Are Investors Influenced By H…Annual report readability, current earnings, and earnings persistence (2008)Annual report readability, cu…Giving Content to Investor Sentiment: The Role of Media in the Stock Market (2007)Giving Content to Investor Se…Comparing the Post-Earnings Announcement Drift for Surprises Calculated from Analyst and Time Series Forecasts (2006)Comparing the Post-Earnings A…Value-Glamour and Accruals Mispricing: One Anomaly or Two? (2004)Value-Glamour and Accruals Mi…Communicative Action and Corporate Annual Reports (2002)Communicative Action and Corp…Earnings-based and accrual-based market anomalies: one effect or two? (2000)Earnings-based and accrual-ba…Disclosure level and the cost of equity capital. (1997)Disclosure level and the cost…Value-relevance of nonfinancial information: The wireless communications industry (1996)Value-relevance of nonfinanci…THE INFORMATION CONTENT OF THE PRESIDENT'S LETTER TO SHAREHOLDERS (1996)THE INFORMATION CONTENT OF TH…Contrarian Investment, Extrapolation, and Risk (1994)Contrarian Investment, Extrap…Fundamental Information Analysis (1993)Fundamental Information Analy…What Moves Stock Prices? (1988)What Moves Stock Prices?Financial Reporting: An Accounting Revolution. (1982)Financial Reporting: An Accou…Do Stock Prices Move Too Much to be Justified by Subsequent Changes in Dividends? (1980)Do Stock Prices Move Too Much…Risk, Return, and Equilibrium: Empirical Tests (1973)Risk, Return, and Equilibrium…The Relationship between Managers’ Disclosure Tone and the Trading Volume of Investors (2022)The Relationship between Mana…Predicting future financial performance of banks from management’s tone in the textual disclosures (2021)Predicting future financial p…Critical Accounting Policy Disclosures (2011)Critical Accounting Policy Di…Investor Sentiment, Post-Earnings Announcement Drift, and Accruals (2009)Investor Sentiment, Post-Earn…Dividend Policy, Growth, and the Valuation of Shares (1961)EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)Does the Stock Market Overreact? (1985)Noise Trader Risk in Financial Markets (1990)Time Series Analysis, Forecasting, and Control (1995)Coefficient Alpha and the Internal Structure of Tests (1951)Disclosure, Liquidity, and the Cost of Capital (1991)The Cross-Section of Expected Stock Returns (1992)The economic implications of corporate financial reporting (2005)Voluntary Nonfinancial Disclosure and the Cost of Equity Capital: The Initiation of Corporate Social Responsibility Reporting (2010)An Empirical Evaluation of Accounting Income Numbers (1968)Earnings, Book Values, and Dividends in Equity Valuation* (1995)Capital markets research in accounting (2001)Valuing Customers (2004)Earnings conference calls and stock returns: The incremental informativeness of textual tone (2011)Economic Forces and the Stock Market (1986)Expected stock returns and volatility (1987)Permanent and Temporary Components of Stock Prices (1988)Deutsche Mark–Dollar Volatility: Intraday Activity Patterns, Macroeconomic Announcements, and Longer Run Dependencies (1998)Differences of Opinion, Short-Sales Constraints, and Market Crashes (2003)Sentiment During Recessions (2012)CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Behavior of Stock-Market Prices (1965)THE VALUATION OF RISK ASSETS AND THE SELECTION OF RISKY INVESTMENTS IN STOCK PORTFOLIOS AND CAPITAL BUDGETS**This paper is another in a series of interrelated theoretical and statistical studies of corporate financial and investment policies being made under grants from the Rockefeller Foundation, and more recently the Ford Foundation, to the Harvard Business School. The generous support for this work is most gratefully acknowledged. The author is also much indebted to his colleagues Professors Bishop, Christenson, Kahr, Raiffa, and (especially) Schlaifer, for extensive discussion and commentary on an earlier draft of this paper; but responsibility for any errors or imperfections remains strictly his own.[Professor Sharpe's paper, “Capital Asset Prices: A Theory of Market Equilibrium Under Conditions of Risk” (Journal of Finance, September 1964) appeared after this paper was in final form and on its way to the printers. My first section, which parallels the first half of his paper (with corresponding conclusions), sets the algebraic framework for sections II, III and VI, (which have no counterpart in his paper) and for section IV on the equilibrium prices of risk assets, concerning which our results differ significantly for reasons which will be explored elsewhere. Sharpe does not take up the capital budgeting problem developed in section V below.] (1975)On Persistence in Mutual Fund Performance (1997)Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency (1993)Multifactor Explanations of Asset Pricing Anomalies (1996)Investor Psychology and Security Market Under‐ and Overreactions (1998)Investor Sentiment and the Cross‐Section of Stock Returns (2006)Financing Constraints and Corporate Investment (1987)Financing Constraints and Corporate Investment (1988)Are Selling, General, and Administrative Costs “Sticky”? (2003)Positive Accounting Theory (1985)Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature (2001)The market pricing of accruals quality (2005)How does financial reporting quality relate to investment efficiency? (2009)Understanding earnings quality: A review of the proxies, their determinants and their consequences (2010)When Is a Liability Not a Liability? Textual Analysis, Dictionaries, and 10‐Ks (2011)The General Theory of Employment, Interest and Money. (1936)Investigating Causal Relations by Econometric Models and Cross-spectral Methods (1969)Common risk factors in the returns on stocks and bonds (1993)More Than Words: Quantifying Language to Measure Firms' Fundamentals (2008)In Search of Attention (2011)Textual Analysis in Accounting and Finance: A Survey (2016)Earnings Innovations, Earnings Persistence, and Stock Returns (1987)The crisis of fair-value accounting: Making sense of the recent debate (2009)The Effect of Disclosures by Management, Analysts, and Business Press on Cost of Capital, Return Volatility, and Analyst Forecasts: A Study Using Content Analysis (2009)
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References

  • 1973Risk, Return, and Equilibrium: Empirical Tests14,248 cited
  • 2007Giving Content to Investor Sentiment: The Role of Media in the Stock Market4,822 cited
  • 1994Contrarian Investment, Extrapolation, and Risk4,198 cited
  • 1980Do Stock Prices Move Too Much to be Justified by Subsequent Changes in Dividends?4,020 cited
  • 1997Disclosure level and the cost of equity capital.3,577 cited
  • 2008Annual report readability, current earnings, and earnings persistence2,850 cited
  • 1996Value-relevance of nonfinancial information: The wireless communications industry1,303 cited
  • 1988What Moves Stock Prices?1,255 cited
  • 1993Fundamental Information Analysis1,084 cited
  • 1982Financial Reporting: An Accounting Revolution.953 cited
  • 2008Are Investors Influenced By How Earnings Press Releases Are Written?895 cited
  • 2006Comparing the Post-Earnings Announcement Drift for Surprises Calculated from Analyst and Time Series Forecasts681 cited
  • 2000Earnings-based and accrual-based market anomalies: one effect or two?454 cited
  • 2004Value-Glamour and Accruals Mispricing: One Anomaly or Two?402 cited
  • 1996THE INFORMATION CONTENT OF THE PRESIDENT'S LETTER TO SHAREHOLDERS

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340 cited
  • 2002Communicative Action and Corporate Annual Reports336 cited
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    • 2009Investor Sentiment, Post-Earnings Announcement Drift, and Accruals65 cited
    • 2011Critical Accounting Policy Disclosures32 cited
    • 2022The Relationship between Managers’ Disclosure Tone and the Trading Volume of Investors21 cited
    • 2021Predicting future financial performance of banks from management’s tone in the textual disclosures20 cited