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Market reaction to the positiveness of annual report narratives
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Yekini, Liafisu Sina, Wisniewski, Tomasz Piotr and Millo, Yuval (2016) Market reaction to the positiveness of annual report narratives. The British Accounting Review, 48 (4). pp. 415-430. doi:10.1016/j.bar.2015.12.001 ISSN 0890-8389.
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Official URL: http://dx.doi.org/10.1016/j.bar.2015.12.001
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 Article | ||||||||
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Divisions: | Faculty of Social Sciences > Warwick Business School | ||||||||
Journal or Publication Title: | The British Accounting Review | ||||||||
Publisher: | Elsevier BV | ||||||||
ISSN: | 0890-8389 | ||||||||
Official Date: | December 2016 | ||||||||
Dates: |
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Volume: | 48 | ||||||||
Number: | 4 | ||||||||
Page Range: | pp. 415-430 | ||||||||
DOI: | 10.1016/j.bar.2015.12.001 | ||||||||
Status: | Peer Reviewed | ||||||||
Publication Status: | Published | ||||||||
Access rights to Published version: | Restricted or Subscription Access |
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