Linguistic fundamentals in earnings press releases
Abstract/Contents
- Abstract
- I re-examine the information content of earnings press releases (EPRs) by distinguishing tone, which captures optimism and pessimism and is the focus of prior research, and linguistic fundamentals (LF), which captures information content in non-tone language. I find after controlling for standard firm characteristics, LF positively predicts future cash flows, unlike tone, which generally negatively predicts future cash flows. I document a return continuation in LF, in contrast to the return reversal in tone documented in prior literature. My findings distinguish informative content in LF and misleading content in tone in EPRs.
Description
| Type of resource | text |
|---|---|
| Form | electronic resource; remote; computer; online resource |
| Extent | 1 online resource. |
| Place | California |
| Place | [Stanford, California] |
| Publisher | [Stanford University] |
| Copyright date | 2019; ©2019 |
| Publication date | 2019; 2019 |
| Issuance | monographic |
| Language | English |
Creators/Contributors
| Author | Li, Ken |
|---|---|
| Degree supervisor | Lee, Charles M |
| Thesis advisor | Lee, Charles M |
| Thesis advisor | Barth, Mary E |
| Thesis advisor | Blankespoor, Elizabeth |
| Thesis advisor | McNichols, Maureen, 1953- |
| Degree committee member | Barth, Mary E |
| Degree committee member | Blankespoor, Elizabeth |
| Degree committee member | McNichols, Maureen, 1953- |
| Associated with | Stanford University, Graduate School of Business. |
Subjects
| Genre | Theses |
|---|---|
| Genre | Text |
Bibliographic information
| Statement of responsibility | Ken Li. |
|---|---|
| Note | Submitted to the Graduate School of Business. |
| Thesis | Thesis Ph.D. Stanford University 2019. |
| Location | electronic resource |
Access conditions
- Copyright
- © 2019 by Ken Li
- License
- This work is licensed under a Creative Commons Attribution Non Commercial 3.0 Unported license (CC BY-NC).
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