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.
{"title":"Levels versus Changes: Information Contents of Textual Information","authors":"Kotaro Miwa","doi":"10.2139/ssrn.3481618","DOIUrl":"https://doi.org/10.2139/ssrn.3481618","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":0.0,"publicationDate":"2021-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120938951","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Using unique survey data on subjective expectation regarding the return to language proficiency for Syrian asylum seekers in Germany, this study finds evidence that the decision on language acquisition levels responds to economic incentives. This finding fills a gap in the existing literature on migrants’ language acquisition decision. In the German context, issuance of a future permanent residence permit is linked by law to the acquisition of certain language skills. The analysis shows that asylum seekers who expect a higher chance to obtain a permanent residence permit from being competent in German have a significantly higher language proficiency. An increases by 10 pp (0.5 standard deviation) of the expected return to language ability increases language proficiency scores by a 0.06 to 0.09 standard deviation.
{"title":"Language Proficiency and Economic Incentives: The Case of Syrian Asylum Seekers in Germany","authors":"May Khourshed, Romuald Méango","doi":"10.2139/ssrn.3548072","DOIUrl":"https://doi.org/10.2139/ssrn.3548072","url":null,"abstract":"Using unique survey data on subjective expectation regarding the return to language proficiency for Syrian asylum seekers in Germany, this study finds evidence that the decision on language acquisition levels responds to economic incentives. This finding fills a gap in the existing literature on migrants’ language acquisition decision. In the German context, issuance of a future permanent residence permit is linked by law to the acquisition of certain language skills. The analysis shows that asylum seekers who expect a higher chance to obtain a permanent residence permit from being competent in German have a significantly higher language proficiency. An increases by 10 pp (0.5 standard deviation) of the expected return to language ability increases language proficiency scores by a 0.06 to 0.09 standard deviation.","PeriodicalId":114561,"journal":{"name":"Interpersonal Communication eJournal","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132220438","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
S. Dasgupta, J. Harford, Fangyuan Ma, Daisy Wang, Haojun Xie
About half of all merger deals between public US acquirers and targets involve a conference call within two days of the deal announcement, in order to communicate information to both acquirer and target shareholders to garner voting support and mitigate legal liability. Calls are associated with positive market reactions and a higher likelihood of deal completion. However, for public targets, only the latter result holds after correcting for endogeneity. Using a probabilistic topic modelling approach, we identify 20 highly interpretable topics as prevalent in the presentations and discussions recorded in the transcripts. The relative importance of several of these in a deal transcript is associated with target characteristics (e.g., whether the target is a private or a public firm), the method of payment, and acquirer characteristics (e.g., governance). The importance of several topics is associated with significant abnormal returns on deal announcement, and with deal completion likelihood.
{"title":"Mergers Under the Microscope: Analysing Conference Call Transcripts","authors":"S. Dasgupta, J. Harford, Fangyuan Ma, Daisy Wang, Haojun Xie","doi":"10.2139/ssrn.3528016","DOIUrl":"https://doi.org/10.2139/ssrn.3528016","url":null,"abstract":"About half of all merger deals between public US acquirers and targets involve a conference call within two days of the deal announcement, in order to communicate information to both acquirer and target shareholders to garner voting support and mitigate legal liability. Calls are associated with positive market reactions and a higher likelihood of deal completion. However, for public targets, only the latter result holds after correcting for endogeneity. Using a probabilistic topic modelling approach, we identify 20 highly interpretable topics as prevalent in the presentations and discussions recorded in the transcripts. The relative importance of several of these in a deal transcript is associated with target characteristics (e.g., whether the target is a private or a public firm), the method of payment, and acquirer characteristics (e.g., governance). The importance of several topics is associated with significant abnormal returns on deal announcement, and with deal completion likelihood.","PeriodicalId":114561,"journal":{"name":"Interpersonal Communication eJournal","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125857947","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper aims at describing the syntactic and semantic properties of gradable predicates in Russian Sign Language (RSL). Property signs in RSL, such as BIG or BEAUTIFUL, generally behave similarly to stative predicates. However, their compatibility with the degree modifiers and aspectual markers shows that they significantly differ from other stative verbs. Thus, they can be categorized as a separate adjective class. In addition to that, adjective class in RSL is not homogeneous. Property signs of age and size form the core of this syntactic category
{"title":"Gradable Predicates in Russian Sign Language","authors":"K. Aksenov","doi":"10.2139/ssrn.3504675","DOIUrl":"https://doi.org/10.2139/ssrn.3504675","url":null,"abstract":"This paper aims at describing the syntactic and semantic properties of gradable predicates in Russian Sign Language (RSL). Property signs in RSL, such as BIG or BEAUTIFUL, generally behave similarly to stative predicates. However, their compatibility with the degree modifiers and aspectual markers shows that they significantly differ from other stative verbs. Thus, they can be categorized as a separate adjective class. In addition to that, adjective class in RSL is not homogeneous. Property signs of age and size form the core of this syntactic category","PeriodicalId":114561,"journal":{"name":"Interpersonal Communication eJournal","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-12-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125123755","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Firms often offer the option to refer friends in exchange for a reward. In this paper, we empirically address the question of how service usage---in terms of experience level, current usage intensity, and recency---affects the probability of making referrals and the quality of those referrals. We incorporate dynamic behavior in our models to analyze how past referrals affect future referrals. We partner with a ride-sharing platform, allowing us to access a large panel dataset on transactions and referral actions. We estimate econometric models that account for unobserved heterogeneity to show that the probability of making a referral increases with the experience level (captured by the number of past rides), increases with the current usage intensity (number of rides in the previous week), decreases with long inactivity periods, and decreases with past high quality referrals. We also find that referral quality---measured by the number of rides completed by the referred customer---increases with experience and decreases with past high quality referrals. Finally, we consider a prescriptive campaign in which the platform sent notifications to remind users about the referral program. Using data from a field experiment, we show that such notifications can increase referral rates by 46% and generate significant marginal revenue.
{"title":"Empirical Analysis of Referrals in Ride-Sharing","authors":"Maxime C. Cohen, Carlos Fernández, A. Ghose","doi":"10.2139/ssrn.3345669","DOIUrl":"https://doi.org/10.2139/ssrn.3345669","url":null,"abstract":"Firms often offer the option to refer friends in exchange for a reward. In this paper, we empirically address the question of how service usage---in terms of experience level, current usage intensity, and recency---affects the probability of making referrals and the quality of those referrals. We incorporate dynamic behavior in our models to analyze how past referrals affect future referrals. We partner with a ride-sharing platform, allowing us to access a large panel dataset on transactions and referral actions. We estimate econometric models that account for unobserved heterogeneity to show that the probability of making a referral increases with the experience level (captured by the number of past rides), increases with the current usage intensity (number of rides in the previous week), decreases with long inactivity periods, and decreases with past high quality referrals. We also find that referral quality---measured by the number of rides completed by the referred customer---increases with experience and decreases with past high quality referrals. Finally, we consider a prescriptive campaign in which the platform sent notifications to remind users about the referral program. Using data from a field experiment, we show that such notifications can increase referral rates by 46% and generate significant marginal revenue.","PeriodicalId":114561,"journal":{"name":"Interpersonal Communication eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125208004","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-09-01DOI: 10.13140/RG.2.2.21808.92169
R. Rossi
Online Consumer Reviews (OCRs) developed to an important and influential online-tool over the past years. While previous research focused on OCRs' influence on purchase intention and sales, little attention was paid on how consumers' cultural value orientation might influence the perception of these reviews. Addressing this important research gap this study investigated how consumer’s cultural value orientation along Hofstede's dimensions influence the perceived importance of OCRs. Using a cross-sectional online survey, the study finds that cultural value orientation partly moderates the relationship between OCRs' attributes and the perceived importance of OCRs significantly. These results might indicate a shrinking influence of cultural values on consumer behaviour when using online shopping websites, which was suggested by previous studies. These findings have significant implications for the theory and practice of international retail management.
{"title":"How Culture Influences the Perception of Online Consumer Reviews","authors":"R. Rossi","doi":"10.13140/RG.2.2.21808.92169","DOIUrl":"https://doi.org/10.13140/RG.2.2.21808.92169","url":null,"abstract":"Online Consumer Reviews (OCRs) developed to an important and influential online-tool over the past years. While previous research focused on OCRs' influence on purchase intention and sales, little attention was paid on how consumers' cultural value orientation might influence the perception of these reviews. Addressing this important research gap this study investigated how consumer’s cultural value orientation along Hofstede's dimensions influence the perceived importance of OCRs. Using a cross-sectional online survey, the study finds that cultural value orientation partly moderates the relationship between OCRs' attributes and the perceived importance of OCRs significantly. These results might indicate a shrinking influence of cultural values on consumer behaviour when using online shopping websites, which was suggested by previous studies. These findings have significant implications for the theory and practice of international retail management.","PeriodicalId":114561,"journal":{"name":"Interpersonal Communication eJournal","volume":"25 4","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120840924","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Seven studies (N = 2352) examine backhanded compliments—seeming praise that draws a comparison with a negative standard—a distinct self-presentation strategy with two simultaneous goals: eliciting liking (“Your speech was good…�?) and conveying status (“…for a woman�?). Backhanded compliments are common, from delivering feedback in work settings to communicating in casual conversation, and take several distinct forms (Studies 1a-b). Backhanded compliments have mixed effectiveness, as people who deliver backhanded compliments erroneously believe that they will both convey high status and elicit liking (Studies 2a-2b) but recipients and third-party evaluators grant them neither (Study 3a-3b); however, backhanded compliments are successful in reducing recipients’ motivation (Study 3c). We identify two constructs useful in determining the general effectiveness of ingratiation: excessive concern with image drives negative perceptions of backhanded compliment givers, while perceptions of low relative rank in a distribution drives the reduced motivation of backhanded compliment recipients.
{"title":"Backhanded Compliments: How Negative Comparisons Undermine Flattery","authors":"Ovul Sezer, Emily Prinsloo, A. Brooks, M. Norton","doi":"10.2139/ssrn.3439774","DOIUrl":"https://doi.org/10.2139/ssrn.3439774","url":null,"abstract":"Seven studies (N = 2352) examine backhanded compliments—seeming praise that draws a comparison with a negative standard—a distinct self-presentation strategy with two simultaneous goals: eliciting liking (“Your speech was good…�?) and conveying status (“…for a woman�?). Backhanded compliments are common, from delivering feedback in work settings to communicating in casual conversation, and take several distinct forms (Studies 1a-b). Backhanded compliments have mixed effectiveness, as people who deliver backhanded compliments erroneously believe that they will both convey high status and elicit liking (Studies 2a-2b) but recipients and third-party evaluators grant them neither (Study 3a-3b); however, backhanded compliments are successful in reducing recipients’ motivation (Study 3c). We identify two constructs useful in determining the general effectiveness of ingratiation: excessive concern with image drives negative perceptions of backhanded compliment givers, while perceptions of low relative rank in a distribution drives the reduced motivation of backhanded compliment recipients.","PeriodicalId":114561,"journal":{"name":"Interpersonal Communication eJournal","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2018-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114931522","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2012-01-09DOI: 10.51983/ajms-2012.1.1.1096
V. Chaganti
Three terms that scholars from Interpersonal Communication would be well-aware of are communication skills, communication competence, and communication style. Of the three streams, communication style seems inadequately studied and finds itself losing the scholarly attention. While there is very little recent literature in this stream, it looks promising to renew the research interest and contribute to building theory. This paper presents introductory literature on what is communication style, makes qualitative elaborations for scholar search results, and goes on to build a case for active study in this area. It was a surprising finding that this construct beats the other two in generational development, while on the contrary it finds itself diminishing.
{"title":"Is it Time to Replace Skill with Style? A Case for Studying Communication Style","authors":"V. Chaganti","doi":"10.51983/ajms-2012.1.1.1096","DOIUrl":"https://doi.org/10.51983/ajms-2012.1.1.1096","url":null,"abstract":"Three terms that scholars from Interpersonal Communication would be well-aware of are communication skills, communication competence, and communication style. Of the three streams, communication style seems inadequately studied and finds itself losing the scholarly attention. While there is very little recent literature in this stream, it looks promising to renew the research interest and contribute to building theory. This paper presents introductory literature on what is communication style, makes qualitative elaborations for scholar search results, and goes on to build a case for active study in this area. It was a surprising finding that this construct beats the other two in generational development, while on the contrary it finds itself diminishing.","PeriodicalId":114561,"journal":{"name":"Interpersonal Communication eJournal","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-01-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130148021","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：