ABSTRACT We show that a firm's one-year-ahead capital investments and inventory increase (decrease) when peer firms' Management Discussion Analysis (MD&A) narratives become more optimistic (pessimistic). This finding is driven by firms access 10-K filings within seven days of their filing date, remains after controlling for other determinants as well economic connections between the firm firms. Moreover, investment response varies based on content in MD&A narratives. For instance,...

Abstract This paper examines whether the change in stock liquidity subsequent to voluntary disclosure is different between good news and bad news. Using 8‐K filings, we find that increase more pronounced for firms with than disclosure. In addition, such findings are stronger when a firm less visible short‐selling costs high, suggesting these two factors play an important role increasing liquidity. Overall, this provides evidence tone of determinant

ABSTRACT The level of difficulty for U.S. analysts in the native language a cross-listed firm increases their forecast errors. association is decreased by analyst experience and fluency firms. also countries using IFRS those with higher financial reporting quality. Investors react more strongly to forecasts firms that present greater analysts. Overall, our findings suggest associated poor information environment capital-market-related costs.

Purpose The purpose of this paper is to investigate whether analysts’ optimism affects the stock crash risk. Design/methodology/approach sample covers 49,246 firm-year observations for period between 1995 and 2015. authors use OLS regressions with firm year fixed effects analyses. Findings study finds that there a positive association Such impact more pronounced firms opaque information environment analysts who are considered ex ante credible. Research limitations/implications results...

Abstract The release of earnings information has become less timely in recent years partly because firms increasingly disclose concurrently with their periodic reports (e.g., 10‐Ks, 10‐Qs). We examine whether use voluntary disclosure to mitigate the negative economic consequences announcements (EAs). find that EAs are more likely provide 8‐K filings over period leading EA. also investors’ demand for information, nature news and litigation risk affect extent which compensate EAs. effect on...

[Purpose]This study examines the impact of Korean news articles on stock valuations, exploring how content and themes affect market participants’ predictions corporate value prices, thereby highlighting news’ role in shaping perceptions. [Methodology]Our research method involved creating a deep learning－based classification model to sort approximately 57 million Naver from 2013 2021 into about 20 themes, including capital financing technological advancements. We also analyzed responses...

금융감독원에서는 경영진단의견서의 정보유용성을 제고하고자 노력하고 있다. 경영진단의견서는 경영진이 직접 기업의 재무상태와 경영실적을 평가하고 미래의 예측을 제공함으로써 투자자들에게 유용한 정보를 제공하는 것을 목적으로 한다. 경영진단의견서가 확보하기 위해서는 매년 동일한 내용을 반복하기보다는 계속해서 변화하는 경영환경을 충분히 반영해야 따라서 전기에 비해 얼마나 차별화된 서술을 제시하는지 여부는 판단하는 데 중요한 기준이 될 수 이 연구에서는 1999년부터 2018년까지 유가증권시장과 코스닥시장에 상장된 문장단위 유사성을 분석해본 결과, 약 40%의 문장이 전년도에 작성한 문장과 거의 문장임을 발견하였다. 또한, 측정한 코사인 유사도(cosine similarity) 의 중위값은 0.87로, 많은 전년도 대동소이한 것으로 나타났다. 뿐만 아니라, 유사성이 높을 경우 감성분석값으로 대용한 긍정/부정적 표현과 미래 기업 성과와 관련성이 나타나지 않았다. 그러나 낮은 문장만 살펴볼...

이 연구에서는 Google에서 개발한 BERT에 기반한 KoBERT 모형을 사용하여 한국 신문기사의 감성분석 정확도를 테스트하였다. 비교를 위해, 다국어용으로 제시한 MBERT, API를 통해 제공하는 Google Sentiment Analysis, 그리고 사전적 접근법을 통한 결과를 사용하였다. 학습 결과, KoBERT를 사용한 경우가 85.7%의 보여, 여타 모형의 정확도에 비해 상당히 높은 수준의 달성하는 것을 확인하였다. 다른 경우, MBERT가 77.3%의 정확도로 KoBERT에 낮은 보였으며 Analysis와 접근법은 더욱 보였다. 결과가 실질적으로 의미있는 유용한 정보를 제공하는지 확인하기 위하여 뉴스가 나온 날짜를 기준으로 3일 후, 5일 후까지 주가수익률을 종속변수로 하여 회귀분석한 결과에 미래 수익률을 잘 예측하는 발견하였다. 이와 같은 결과는 추후 회계·재무 분야의 텍스트에 대한 감성분석을 이용한 다양한 연구를 수행하는 데 참고가 될 것으로 기대한다.

This study investigates whether internet articles, such as blog or community posts, enhance investors’ ability to process uncertain news (i.e., rumors). Using the unique disclosure requirement in Korea, which verifies rumors by firms’ disclosures, we identify trading activities associated with rumors. We find that article coverage affects individual decisions, but not those of institutional investors, and post-disclosure returns deteriorate only for investors coverage. Overall, these results...

This study examines how firms strategically utilize non-earnings press releases to offset poor financial performances. Using a dataset crawled from Naver.com and deep-learning, we classify news originating find that issue more in the fourth quarter following performance first three quarters. Market, however, does not respond these underperforming firms. We observe negative association between future stock returns advertorial news, suggesting investors recognize firms' strategic use of...

This paper tests whether item 7.01 of the Form 8-K filing, which is subject to regulation FD, mitigates stock crash risk.The FD forces firm communicate private information using channel with broad coverage.Such communications may mitigate firm's risk by revealing negative news in a more timely manner.Consistently, I find association between frequency disclosures (measured market reaction surrounding filing date) and subsequent risk.On contrary, results show that there no positive risk.Such...

We show that a firm’s one-year-ahead capital investments and inventory increase (decrease) when peer firms’ MD&A narratives become more optimistic (pessimistic). This finding is driven by firms access 10-K filings within seven days of filing, remains after controlling for other determinants as well economic connections between the firm firms. Moreover, investment response varies according to content in narratives. For instance, makes (less) their industry/investment-related...