The Informational Role of Analysts' Textual Statements

研究成果: Contribution to journalArticle査読

抄録

This study explores the reasons why textual tones in analysts’ reports, a representative qualitative content of analysts’ reports, possess informational value. We predict that analysts use textual statements to disclose fundamental information that is not reflected in their quantitative outputs. Consistent with our prediction, we find that tones predict subsequent revisions in earnings and sales forecasts. Furthermore, the results show that the information contained in the tone differs among analysts with different incentives to utilize the textual statements, supporting the intentional disclosure story. In addition, the lead-lag relationship between textual and quantitative outputs induces a gradual price adjustment to the information contained in the textual tone.
本文言語英語
論文番号101562
ページ数14
ジャーナルResearch in International Business and Finance
59
DOI
出版ステータス出版済み - 1 2022

フィンガープリント

「The Informational Role of Analysts' Textual Statements」の研究トピックを掘り下げます。これらがまとまってユニークなフィンガープリントを構成します。

引用スタイル