Market reaction to the positiveness of annual report narratives
Journal article
Yekini, Liafisu Sina, Wisniewski, Tomasz Piotr and Millo, Yuval 2015. Market reaction to the positiveness of annual report narratives. The British Accounting Review. 48 (4), pp. 415-430. https://doi.org/10.1016/j.bar.2015.12.001
| Authors | Yekini, Liafisu Sina, Wisniewski, Tomasz Piotr and Millo, Yuval |
|---|---|
| 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. |
| Keywords | Annual report narrative, content analysis, stock market reaction |
| Year | 2015 |
| Journal | The British Accounting Review |
| Journal citation | 48 (4), pp. 415-430 |
| Publisher | Elsevier |
| ISSN | 08908389 |
| Digital Object Identifier (DOI) | https://doi.org/10.1016/j.bar.2015.12.001 |
| Web address (URL) | http://hdl.handle.net/10545/623774 |
| http://creativecommons.org/publicdomain/zero/1.0/ | |
| hdl:10545/623774 | |
| Publication dates | 11 Dec 2015 |
| Publication process dates | |
| Deposited | 23 May 2019, 18:13 |
| Accepted | 02 Dec 2015 |
| Rights | CC0 1.0 Universal |
| Contributors | Coventry University |
| File | File Access Level Open |
| File | File Access Level Open |
Permalink -
https://repository.derby.ac.uk/item/922z2/market-reaction-to-the-positiveness-of-annual-report-narratives
Download files
55
total views0
total downloads5
views this month0
downloads this month
Export as
Related outputs
Future Opportunities for Port City Development: A Reciprocal Evaluationfor Competitive Advantage for Malaysian Seaports
Zain, R.M., Jeevan, J., Salleh, N.H.M., Ngah, A.H., Ramli, A., Zain, M.Z.M., Yekini, L. and Dirie, A.N 2024. Future Opportunities for Port City Development: A Reciprocal Evaluationfor Competitive Advantage for Malaysian Seaports. Journal of Maritime Research . 21 (1), pp. 1-18.Meeting Stakeholder Needs: Who Should Managers Pay Close Attention To? Evidence from Listed Chinese Manufacturing Companies
Oino, I. and Yekini, L. 2024. Meeting Stakeholder Needs: Who Should Managers Pay Close Attention To? Evidence from Listed Chinese Manufacturing Companies. Sustainability. 16 (9), pp. 1-19. https://doi.org/10.3390/su16093806Strategic Leadership and Firm Performance: The Mediating Role of Ambidexterity in Professional Services SMEs
Ambilichu, C., Omoteso, K. and Liafisu Sina 2022. Strategic Leadership and Firm Performance: The Mediating Role of Ambidexterity in Professional Services SMEs. European Management Review. pp. 1-19. https://doi.org/https://doi.org/10.1111/emre.12548
NGO accountability on environmentalism: a literature review of relevant issues and themes
Yekini, Liafisu Sina and Yekini, Kemi, C 2021. NGO accountability on environmentalism: a literature review of relevant issues and themes. in: Emerald Publishing.Audit committee and audit quality: An empirical analysis considering industry expertise, legal expertise and gender diversity
Alhababsah, Salem and Yekini, Liafisu Sina 2021. Audit committee and audit quality: An empirical analysis considering industry expertise, legal expertise and gender diversity. Journal of International Accounting, Auditing and Taxation. 42, pp. 1-17. https://doi.org/10.1016/j.intaccaudtax.2021.100377The determinants of CEO turnover: evidence from French listed companies
Boussaada, R, Yekini, Liafisu Sina and Makhlouf, M 2018. The determinants of CEO turnover: evidence from French listed companies. Research in Management Science. https://doi.org/10.3917/resg.129.0029Corporate social responsibility performance and tax aggressiveness
Chijoke-Mgbame, M.A, Yekini, Liafisu Sina, Kemi, Y.C and Mgbame, C.O 2017. Corporate social responsibility performance and tax aggressiveness. Journal of Accounting and Taxation. https://doi.org/10.5897/JAT2017.0266Examination of information load following IFRS adoption in an emerging market: evidence from Nigeria.
Okwuosa I, Yekini, Liafisu Sina and Oyemade B 2017. Examination of information load following IFRS adoption in an emerging market: evidence from Nigeria. International Accounting and Finance Research Journal.The impact of mergers and acquisitions on shareholders’ wealth: evidence from Nigeria
Abeleje, R and Yekini, Liafisu Sina 2014. The impact of mergers and acquisitions on shareholders’ wealth: evidence from Nigeria. The Scottish Journal of Arts, Social Sciences and Scientific Studies.Investigating the link between CSR and Financial Performance – Evidence from Vietnamese Listed Companies
Ho Ngoc, T.T and Yekini, Liafisu Sina 2014. Investigating the link between CSR and Financial Performance – Evidence from Vietnamese Listed Companies. British Journal of Arts and Social Sciences.Impact of board independence on the quality of community disclosures in annual reports.
Yekini, K.C, Adelopo, I, Andrikopoulos, P and Yekini, Liafisu Sina 2019. Impact of board independence on the quality of community disclosures in annual reports. The Accounting Forum. https://doi.org/10.1016/j.accfor.2015.05.004An Evaluation of Management Perspectives of Sustainability Reporting In The Nigerian Oil Industry.
Uzonwanne, G, Yekini, K, Yekini, Liafisu Sina and tobo, P 2014. An Evaluation of Management Perspectives of Sustainability Reporting In The Nigerian Oil Industry. Journal of Management and Sustainability. https://doi.org/10.5539/jms.v4n2p70Psychopathic traits of corporate leadership as predictors of future stock returns
Wisniewski, Tomasz Piotr, Yekini, Liafisu Sina and Omar, Ayman 2019. Psychopathic traits of corporate leadership as predictors of future stock returns. European Financial Management. https://doi.org/10.2139/ssrn.2984999