Beyond the Numbers: Measuring the Information Content of Earnings Press Release Language

By Angela K. Davis, Jeremy Piger, Lisa M. Sedor. 2011

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Citations in the corpus

Textual Sentiment in Finance: A Survey of Methods and Models (2014, methodology): “Engelberg (2008), Feldman et al. (2008), Henry (2008), Henry and Leone (2009), Doran et al. (2010), Davis et al. (2011), Davis and Tama-Sweet (2011), Demers and Vega (2011), Huang et al. (2011), Loughran and McDonald (2011a, 2011b), Davis et al. (2012), Jegadeesh and Wu (2012), Price et al. (2012),…”
Textual analysis in finance (2019, background): “Earlier studies quantify media tone based on word counting using dictionaries of negative and positive words (Tetlock, 2007; Tetlock et al., 2008; Davis, Piger, and Sedor, 2012; Garćıa, 2013; Liu and McConnell, 2013; Agarwal et al., 2016; Tsai et al., 2016) or a specific list of words related to…”
Does concrete language in disclosures increase willingness to invest? (2014, neutral): “…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, 2014; Davis and Tama-Sweet 2012), vividness (Hales et al. 2011), and readability (Li 2008; You and Zhang 2009; Miller 2010;…”
Corporate Social Responsibility Report Narratives and Analyst Forecast Accuracy (2017, background): “Feldman et al. (2010), Loughran and McDonald (2011), and Davis et al. (2012) show that investors react to the tone in 10-”
Hyperbole or Reality? Investor Response to Extreme Language in Earnings Conference Calls (2019, background): “For example, the tone of management’s qualitative disclosures is informative about future operating performance, both when looking at the MD&A section in the SEC reports (Li 2010a; Bochkay and Levine 2019) and when looking at earnings press releases (Davis et al. 2012).”
Managers Set the Tone: Equity Incentives and the Tone of Earnings Press Releases (2016, methodology): “…on the impact of tone on market returns, let us first consider the following linear base-line model, which replicates the results obtained by Davis et al. (2012) and Henry (2008): CAR[−1,+1]j,q,t = α+ ς ·AbTonej,q,t + γ′Controls∗j,q,t + j,q,t. (4.1) where the vector of control variables…”
Persuasion in crowdfunding: An elaboration likelihood model of crowdfunding performance (2017, background): “For example, positive tone may reflect optimism in the potential of an entrepreneur’s ability to reach her goals or deliver a high-quality product (Davis et al., 2012; Loughran and McDonald, 2011).”