... process information appearing in the financial press and provide useful information to investors through their research. ² media analysts analyst revisions tone soft and hard news In the first stage of our empirical analysis, we provide descriptive baseline evidence that firm...

...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...