Levels versus changes: Information contents of textual information

研究成果: Contribution to journalArticle査読

1 被引用数 (Scopus)


We clarify the information value of changes in the textual information of analyst reports. The analyses reveal that stock prices react considerably to changes in the linguistic tone of reports. In addition, prices react asymmetrically to
the levels and changes of report tone, overreact to the levels, and underreact to changes. Our evidence suggests that a change in the textual tone provides incremental information that investors overlook, supporting the informational value of changes in textual information.
ジャーナルInternational Review of Finance
出版ステータス出版済み - 7 2021


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