We examine the impact of financial disclosures’ readability on future shareholder activism, as expressed by shareholder-initiated proxy proposals. Based on a sample of 1,560 proposals made by shareholders of 818 S& P 1500 firms between 2000 and 2014, we find that the semantic complexity of the...

Adapting recent innovations in text analysis on microblogging platforms, we present evidence that the tone of discussions on r/wallstreetbets (WSB) displayed significant predictive associations with intraday GameStop returns, volatility, bid-ask spreads as well as volumes. Most importantly, we...

We examine the impact of climate-related discussions in the Management Discussion & Analysis (MD&A) section of the 10-K filings of S&P 500 firms from 2007 to 2018 and find that only firms from three specific industries (Energy, Utilities and Finance) have such discussions. We also find that the...

By January 2021, the stock of GameStop (GME) was heavily shorted by institutional investors but an unprecedented retail campaign for pushing-up its stock price culminated in a short squeeze by the end of January 2021. Adapting recent innovations in text analysis in finance and on microblogging...

For five leading emerging economies: China, India, Russia, Indonesia, and South Korea, we show that existing sentiment variables both direct (Consumer Confidence Index) and indirect (Baker-Wurgler Index) – are insignificant in explaining respective nations' index returns. We further show that...

We quantify the tone from the speeches of the ECB as well as that from the national central banks of six leading European nations, and analyze its role in explaining the returns of their respective stock market indices. Using innovations in financial text analysis introduced in Anand et al....

Purpose: This paper examines the associative and causal relationship between changes in the implied volatility index (VIX) and stock market returns, with data from 15 countries representing both developed and emerging economies.1 We also examine the dynamic variation, if any in the nature of the...

We quantify the sentiment from central bank speeches of five leading developed nations (US, UK, Japan, France, and Germany) and analyze their role in explaining the return of stock market indices for the respective nations. In this study we improve upon existing sentiment quantification...

Purpose: This paper examines the associative and causal relationship between changes in the implied volatility index (VIX) and stock market returns, with data from 15 countries representing both developed and emerging economies.1 We also examine the dynamic variation, if any in the nature of the...