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 |
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