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When EU Leaders Speak, the Markets Listen

Wisniewski, Tomasz Piotr and Moro, Andrea (2014). When EU Leaders Speak, the Markets Listen. European Accounting Review, 23(4) pp. 519–551.

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We use content analysis software to examine certain characteristics of communications arising from European Council meetings. These characteristics appear to explain a large proportion of variation in stock returns around the meeting dates. More specifically, stock market investors react favourably when the conclusions and declarations issued by heads of states convey a positive sentiment and demonstrate a stance of moral rectitude. On the other hand, the returns tend to be negative when the communications are obfuscated by an excessive use of abstract words and fixated on regional rather than global issues.

Item Type: Journal Item
Copyright Holders: 2014 European Accounting Association
ISSN: 1468-4497
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: 55380
Depositing User: Tomasz Wisniewski
Date Deposited: 12 Jun 2018 09:20
Last Modified: 07 Dec 2018 22:12
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