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On the predictive ability of narrative disclosures in annual reports
16 references·16 citing·39 second hopsampled
On the predictive ability of narrative disclosures in annual reports (2009)On the predictive ability of narrative di…More Than Words: Quantifying Language to Measure Firms' Fundamentals (2008)More Than Words: Quantifying …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…Information content of equity analyst reports (2004)Information content of equity…Analyzing the Analysts: When Do Recommendations Add Value? (2004)Analyzing the Analysts: When …Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature (2001)Information asymmetry, corpor…Empirical research on accounting choice (2001)Empirical research on account…Capital markets research in accounting (2001)Capital markets research in a…A review of the empirical disclosure literature: discussion (2001)A review of the empirical dis…Voluntary Disclosure and Equity Offerings: Reducing Information Asymmetry or Hyping the Stock?* (2000)Voluntary Disclosure and Equi…The chairman’s statement ‐ A content analysis of discretionary narrative disclosures (2000)The chairman’s statement ‐ A …Disclosure level and the cost of equity capital. (1997)Disclosure level and the cost…Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency (1993)Returns to Buying Winners and…The Cross-Section of Expected Stock Returns (1992)The Cross-Section of Expected…Misspecification of capital asset pricing (1981)Misspecification of capital a…An Empirical Evaluation of Accounting Income Numbers (1968)An Empirical Evaluation of Ac…Using machine learning methods to predict financial performance: Does disclosure tone matter? (2021)Using machine learning method…Political corruption and annual report readability: evidence from the United States (2020)Political corruption and annu…Financial distress prediction: Regularized sparse-based Random Subspace with ER aggregation rule incorporating textual disclosures (2020)Financial distress prediction…A Textual Analysis of US Corporate Social Responsibility Reports (2020)A Textual Analysis of US Corp…A review on textual analysis of corporate disclosure according to the evolution of different automated methods (2020)A review on textual analysis …Bibliometric and text mining approaches to evaluate landfill design standards (2019)Bibliometric and text mining …Technology in the 21st century: New challenges and opportunities (2018)Technology in the 21st centur…A new random subspace method incorporating sentiment and textual information for financial distress prediction (2018)A new random subspace method …Combining bag-of-words and sentiment features of annual reports to predict abnormal stock returns (2017)Combining bag-of-words and se…On the risk prediction and analysis of soft information in finance reports (2016)On the risk prediction and an…News-based trading strategies (2016)News-based trading strategiesFrom Spin to Swindle: Identifying Falsification in Financial Text (2016)From Spin to Swindle: Identif…CEO Personality and Firm Policies (2016)CEO Personality and Firm Poli…BizPro: Extracting and categorizing business intelligence factors from textual news articles (2014)BizPro: Extracting and catego…The relation of intellectual capital disclosure strategies and market value in two political settings (2011)The relation of intellectual …Measuring Qualitative Information in Capital Markets Research (2009)Measuring Qualitative Informa…CAPITAL ASSET PRICES: A THEORY OF MARKET EQUILIBRIUM UNDER CONDITIONS OF RISK* (1964)The Valuation of Risk Assets and the Selection of Risky Investments in Stock Portfolios and Capital Budgets (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)Insiders' profits, costs of trading, and market efficiency (1986)Debt/Equity Ratio and Expected Common Stock Returns: Empirical Evidence (1988)Fundamentals and Stock Returns in Japan (1991)Coefficient Alpha and the Internal Structure of Tests (1951)Disclosure, Liquidity, and the Cost of Capital (1991)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)Risk, Return, and Equilibrium: Empirical Tests (1973)Does the Stock Market Overreact? (1985)Multifactor Explanations of Asset Pricing Anomalies (1996)Investor Psychology and Security Market Under‐ and Overreactions (1998)Positive Accounting Theory (1985)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)Common risk factors in the returns on stocks and bonds (1993)On Persistence in Mutual Fund Performance (1997)Media Coverage and the Cross‐section of Stock Returns (2009)The Sum of All FEARS Investor Sentiment and Asset Prices (2014)Textual Analysis in Accounting and Finance: A Survey (2016)The Market for "Lemons": Quality Uncertainty and the Market Mechanism (1970)Theory of the firm: Managerial behavior, agency costs and ownership structure (1976)Corporate financing and investment decisions when firms have information that investors do not have (1984)Revisiting the relation between environmental performance and environmental disclosure: An empirical analysis (2007)The Cost of Capital, Corporation Finance and the Theory of Investment (1958)Performance matched discretionary accrual measures (2005)The cost of capital, corporation finance and the theory of investment (2008)Judgment under Uncertainty: Heuristics and Biases (1974)Econometrics of Event Studies**We thank Espen Eckbo, Jon Lewellen, Adam Kolasinski, and Jay Ritter for insightful comments, and Irfan Safdar and Alan Wancier for research assistance. (2007)Driven to Distraction: Extraneous Events and Underreaction to Earnings News (2009)Investor Inattention and Friday Earnings Announcements (2009)EFFICIENT CAPITAL MARKETS: A REVIEW OF THEORY AND EMPIRICAL WORK* (1970)Using daily stock returns (1985)Efficient Capital Markets: II (1991)Illiquidity and stock returns: cross-section and time-series effects (2002)
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References

  • 1992The Cross-Section of Expected Stock Returns17,251 cited
  • 1993Returns to Buying Winners and Selling Losers: Implications for Stock Market Efficiency11,575 cited
  • 2001Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature7,391 cited
  • 1968An Empirical Evaluation of Accounting Income Numbers6,384 cited
  • 1997Disclosure level and the cost of equity capital.3,577 cited
  • 2008Annual report readability, current earnings, and earnings persistence2,850 cited
  • 2001Capital markets research in accounting2,575 cited
  • 2008More Than Words: Quantifying Language to Measure Firms' Fundamentals2,310 cited
  • 2001Empirical research on accounting choice1,764 cited
  • 1981Misspecification of capital asset pricing1,286 cited
  • 2004Analyzing the Analysts: When Do Recommendations Add Value?982 cited
  • 2004Information content of equity analyst reports926 cited
  • 2000Voluntary Disclosure and Equity Offerings: Reducing Information Asymmetry or Hyping the Stock?*897 cited
  • 2008Are Investors Influenced By How Earnings Press Releases Are Written?895 cited
  • 2001A review of the empirical disclosure literature: discussion

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805 cited
  • 2000The chairman’s statement ‐ A content analysis of discretionary narrative disclosures462 cited
  • Cited by

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    • 2018A new random subspace method incorporating sentiment and textual information for financial distress prediction72 cited
    • 2017Combining bag-of-words and sentiment features of annual reports to predict abnormal stock returns66 cited
    • 2014BizPro: Extracting and categorizing business intelligence factors from textual news articles61 cited
    • 2011The relation of intellectual capital disclosure strategies and market value in two political settings58 cited
    • 2020Financial distress prediction: Regularized sparse-based Random Subspace with ER aggregation rule incorporating textual disclosures57 cited
    • 2009Measuring Qualitative Information in Capital Markets Research57 cited
    • 2020Political corruption and annual report readability: evidence from the United States52 cited
    • 2020A review on textual analysis of corporate disclosure according to the evolution of different automated methods52 cited
    • 2021Using machine learning methods to predict financial performance: Does disclosure tone matter?43 cited
    • 2016From Spin to Swindle: Identifying Falsification in Financial Text37 cited
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