Yekini, Liafisu Sina; Wisniewski, Tomasz Piotr and Millo, Yuval
(2016).
| DOI (Digital Object Identifier) Link: | https://doi.org/10.1016/j.bar.2015.12.001 |
|---|---|
| Google Scholar: | Look up in Google Scholar |
Abstract
This paper focuses on narratives published by UK companies, defined here as the content of annual reports excluding financial statements and notes to accounts. We endeavour to gauge the tone of these narratives by recording the frequency of positive words appearing in the text. We show that the extent of positiveness is related to market reaction around the disclosure date. This conclusion is maintained even after controlling for the financial figures that are reported simultaneously and company-specific characteristics. Consequently, narratives should not be perceived as mere impression management tools, but also as conduits for disseminating price-sensitive information.
| Item Type: | Journal Item |
|---|---|
| Copyright Holders: | 2015 Elsevier |
| ISSN: | 0890-8389 |
| Keywords: | Annual report narrative; Content analysis; Stock market reaction |
| Academic Unit/School: | Faculty of Business and Law (FBL) > Business > Department for Accounting and Finance Faculty of Business and Law (FBL) > Business Faculty of Business and Law (FBL) |
| Item ID: | 55373 |
| Depositing User: | Tomasz Wisniewski |
| Date Deposited: | 11 Jun 2018 14:38 |
| Last Modified: | 06 May 2019 05:25 |
| URI: | http://oro.open.ac.uk/id/eprint/55373 |
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