Language Barriers in Analyst Reports

研究成果: ジャーナルへの寄稿学術誌査読

2 被引用数 (Scopus)

抄録

This study explores whether language barriers affect investors’ reactions to textual information in analyst reports. To this end, we compare the price reaction to the textual tone in Japanese and U.S. reports and analyze the effect of an English translation on that reaction. We find that prices react significantly to the textual tone in both Japanese and U.S. reports. However, we only observe a statistically significant price underreaction to Japanese reports. Further, the existence of an English translation mitigates this price underreaction. These findings support the view that language barriers induce investors to underreact to textual information.
本文言語英語
ページ(範囲)223-236
ページ数14
ジャーナルInternational Review of Economics and Finance
75
出版ステータス出版済み - 3月 2021

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