Word power: A new approach for content analysis

• 成果类型: Article
• 署名作者: Jegadeesh, Narasimhan; Wu, Di
• 署名单位: Emory University; National Bureau of Economic Research; University of Pennsylvania
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2013.08.018
• 发表日期: 2013
• 页码: 712-729
• 关键词: Content analysis; Lexicons; Term weighting

摘要

We present a new approach for content analysis to quantify document tone. We find a significant relation between our measure of the tone of 10-Ks and market reaction for both negative and positive words. We also find that the appropriate choice of term weighting in content analysis is at least as important as, and perhaps more important than, a complete and accurate compilation of the word list. Furthermore, we show that our approach circumvents the need to subjectively partition words into positive and negative word lists. Our approach reliably quantifies the tone of IPO prospectuses as well, and we find that the document score is negatively related to IPO underpricing. (C) 2013 Elsevier B.V. All rights reserved.