We analyze the market reaction to the sentiment of the CEO speech at the Annual General Meeting (AGM). Adapting a finance-specific German dictionary based on Loughran and McDonald (2011), we find that CEO speeches' textual sentiment is significantly related to abnormal stock returns and trading...

We analyze the market reaction to the sentiment of the CEO speech at the Annual General Meeting (AGM). As the AGM is typically preceded by several information disclosures, the CEO speech may be expected to contribute only marginally to investors' decision-making. Surprisingly, however, we...

We analyze the market reaction to the sentiment of the CEO speech at the Annual General Meeting (AGM). As the AGM is typically preceded by several information disclosures, the CEO speech may be expected to contribute only marginally to investors' decision-making. Surprisingly, however, we...

In this study, we investigate how two key dimensions of trust formation, i.e. interpersonal trust in the advisor (narrow-scope trust) and broader trust in the business context in which the advisor operates (broad-scope trust), impact households' overall trust in financial advice. To capture the...

Computer-aided text analyses have gained a lot of attention recently. Applied to different types of business communication such as earnings announcements, analyst reports, or IPO prospectuses, they have been used to extract relevant information for financial market participants. A large number...

We analyze the informational value of the Annual General Meeting (AGM) for investors' decision-making. As the AGM is typically preceded by several information disclosures, previous research has shown it to trigger only a marginal market reaction. We consider the AGM, and particularly the tone of...

We conducted a large-scale household survey in November 2020 to study how altering the time frame of a message (temporal framing) regarding an imminent positive income shock affects consumption plans. The income shock derives from the abolishment of the German solidarity surcharge on personal...