..., for a sample of analyst reports between 1997 and 2017, 7 percent refer to media outlets as a source of information. The objective of our study is to provide systematic evidence on the flow of information from the media to analysts. media analysts analyst revisions tone soft and hard news...

...Elaine Henry; Andrew J Leone ABSTRACT This study evaluates alternative measures of the tone of financial narrative. We present evidence that word-frequency tone measures based on domain-specific wordlists—compared to general wordlists—better predict the market reaction to earnings announcements...

...Jonathan L. Rogers; Andrew Van Buskirk; Sarah L. C. Zechman ABSTRACT We examine the relation between disclosure tone and shareholder litigation to determine whether managers' use of optimistic language increases litigation risk. Using both general-purpose and context-specific text dictionaries...