Are Investors Influenced By How Earnings Press Releases Are Written?

By E. Henry. 2008

886 citations recorded by the source corpus.

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Citations in the corpus

Textual Sentiment in Finance: A Survey of Methods and Models (2014, neutral): “The former uses three word lists – DICTION , GI/Harvard and Henry (2006, 2008) – to gauge the tone of earnings press releases.”
Earnings conference calls and stock returns: The incremental informativeness of textual tone (2012, positive): “computer industry, Henry (2008) measures the relative proportion of positive and negative words”
Textual Analysis of Corporate Disclosures: A Survey of the Literature (2011, background): “First, the level of optimism in earnings releases is positively associated with the market’s short-term response to the announcement [Henry, 2008; Demers and Vega, 2008; Davis, Piger, and Sedor, 2008] and a similar relation holds for 10-”
Disclosure Tone and Shareholder Litigation (2011, methodology): “The second and third are designed specifically for use in the financial domain by Henry (2008) and Loughran and McDonald (2009), respectively.”
The language of US corporate environmental disclosure (2010, background): “Management’s concentration on reporting good news sanitizes the disclosure (Henry, 2008).”
The Effect of Managerial "Style" on the Tone of Earnings Conference Calls ∗ (2012, methodology): “K filings.12 We obtain the Henry wordlist from Figure 1 of Henry (2008) and the Loughran and McDonald wordlist from the authors’ website (http://www.nd.edu/~mcdonald/Word_Lists.html).”
Natural language based financial forecasting: a survey (2017, methodology): “In the financial domain, there are several widely used hand-crafted public resources developed by economists, such as the General Inquirer [54], the Henry Word List [48], and the Loughran & McDonald Word List [71].”
Discretionary Disclosure Strategies in Corporate Narratives: Incremental Information or Impression Management? (2008, positive): “For this reason, the relation between earnings and share prices can be improved, not only by including earnings numbers, but also by including verbal content and writing style in the disclosure variable (press releases in this instance) [Henry, 2006a].”
Does concrete language in disclosures increase willingness to invest? (2014, neutral): “Recent studies in the accounting and finance literatures have examined investors’ reactions to disclosure language as it varies in a variety of characteristics, including optimistic versus pessimistic tone (Henry 2008; Kothari et al. 2009; Feldman et al. 2010; Demers and Vega 2011; Davis et al. 2012”
Manager sentiment and stock returns (2019, methodology): “firms performed as they did over the recent fiscal period and their expectations for future firm performance (Li 2008, 2010; Henry, 2008; Blau, DeLisle, and Price 2015; Brochet, Kolev, and Lerman 2015).”
Beyond the Numbers: Measuring the Information Content of Earnings Press Release Language (2011, background): “4 Henry (2006, 2008) also employs DICTION to process arnings press release texts.”
Improving Sentiment Analysis with Document-Level Semantic Relationships from Rhetoric Discourse Structures (2017, methodology): “This paper Document structure Semantic relationship between clauses Henry Finance Dictionary [25] No feature/word optimization Average EDU sentiment Full content vs.”
Impression Management: Developing and Illustrating a Scheme of Analysis for Narrative Disclosures - A Methodological Note (2008, positive): “While there has been a small number of studies of disclosures in press releases in the US (e.g., Lougee and Marquardt, 2004; Bowen et al., 2005; Johnson and Schwartz, 2005; Davis et al., 2007; Henry, 2008), this is the first study of disclosures in press releases in another country.”
Managers Set the Tone: Equity Incentives and the Tone of Earnings Press Releases (2016, positive): “Model (1) of Panel A in Table 5 thus confirms the standard results of Davis et al. (2012) and Henry (2008) that stock prices react positively to the abnormal tone in the earnings press release.”