{"title":"Levels versus Changes: Information Contents of Textual Information","authors":"Kotaro Miwa","doi":"10.2139/ssrn.3481618","DOIUrl":null,"url":null,"abstract":"We clarify information value of changes in the textual information of analyst reports. The analyses reveal that stock prices react considerably to changes in the tone of reports. In addition, prices react asymmetrically to the levels and changes of report tone, overreact to the levels, and underreact to changes. Our evidence suggests that a change in the textual tone provides incremental information that investors overlook, supporting the informational value of changes in textual information.","PeriodicalId":114561,"journal":{"name":"Interpersonal Communication eJournal","volume":"40 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2021-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"2","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Interpersonal Communication eJournal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.3481618","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 2
Abstract
We clarify information value of changes in the textual information of analyst reports. The analyses reveal that stock prices react considerably to changes in the tone of reports. In addition, prices react asymmetrically to the levels and changes of report tone, overreact to the levels, and underreact to changes. Our evidence suggests that a change in the textual tone provides incremental information that investors overlook, supporting the informational value of changes in textual information.
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