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Signal Accuracy and Informational Cascades
Pastine, Ivan; Pastine, Tuvana - C.E.P.R. Discussion Papers - 2005
predecessors even when their own signal suggests the opposite. This herding behaviour may lead the society to an inefficient … to a decline in the probability of inefficient herding, because the first movers are more likely to make the correct …
Persistent link: https://www.econbiz.de/10005656436
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Earnings Conference Calls and Stock Returns : The Incremental Informativeness of Textual Tone
Price, S. McKay - 2012
Quarterly earnings conference calls are becoming a more pervasive tool for corporate disclosure. However, the extent to which the market embeds information contained in the tone (i.e. sentiment) of conference call wording is unknown. Using computer aided content analysis, we examine the...
Persistent link: https://www.econbiz.de/10013116023
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"Let me get back to you" - A machine learning approach to measuring non-answers
Barth, Andreas - 2020
It is relatively easy for us humans to detect when a question we asked has not been answered - we teach this skill to a computer. Using a supervised machine learning framework on a large training set of questions and answers, we identify 1,027 trigrams that signal non-answers. We show that this...
Persistent link: https://www.econbiz.de/10012837971
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Herding and Contrarian Behavior in Financial Markets
Park, Andreas - 2009
necessary and sufficient for informational herding and contrarianism. In a standard sequential security trading model, subject … they consider extreme outcomes more likely than moderate ones. Likewise, people act as contrarians if and only if their … information leads them to concentrate on middle values. Both herding and contrarianism generate more volatile prices, and they …
Persistent link: https://www.econbiz.de/10012721580
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Under- and Over-Reaction from Relative and Aggregate Overconfidence
Lin, Tao - 2004
This paper offers a continuous time, general equilibrium model where a risky asset is traded among risk-averse overconfident investors. Two kinds of overconfidence are introduced: investors exhibit relative overconfidence if each investor believes her model is better than others' and aggregate...
Persistent link: https://www.econbiz.de/10012738844
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The Effects of Conference Call Tones on Market Perceptions of Value Uncertainty
Borochin, Paul - 2018
Quarterly earnings conference calls convey fundamental information, as well as manager and analyst opinion about the firm. We examine how market uncertainty regarding firm valuation is affected by conference call tones. Using textual analysis of all publicly available earnings calls (2002-2012)...
Persistent link: https://www.econbiz.de/10012937396
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Textual Sentiment in Finance : A Survey of Methods and Models
Kearney, Colm - 2016
We survey the textual sentiment literature, comparing and contrasting the various information sources, content analysis methods, and empirical models that have been used to date. We summarize the important and influential findings about how textual sentiment impacts on individual, firm-level and...
Persistent link: https://www.econbiz.de/10013007694
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Do Sophisticated Investors Interpret Earnings Conference Call Tone Differently than Investors at Large? Evidence from Short Sales
Blau, Benjamin M. - 2015
Recent research finds that investors, broadly defined, react to the linguistic tone of quarterly earnings conference calls; there is a positive relation between firms' stock returns and call tone (a measure of “sentiment” related word tabulations). However, this type of soft information can...
Persistent link: https://www.econbiz.de/10013036476
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Textual sentiment in finance: A survey of methods and models
Kearney, Colm; Liu, Sha - In: International Review of Financial Analysis 33 (2014) C, pp. 171-185
We survey the textual sentiment literature, comparing and contrasting the various information sources, content analysis methods, and empirical models that have been used to date. We summarize the important and influential findings about how textual sentiment impacts on individual, firm-level and...
Persistent link: https://www.econbiz.de/10010786518
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Asset price manipulation with several traders
Walther, A. - Faculty of Economics, University of Cambridge - 2012
In financial markets with asymmetric information, traders may have an incentive to forgo profitable deals today in order to preserve their informational advantage for future deals. This sort of manipulative behaviour has been studied in markets with one informed trader (Kyle 1985, Chakraborty...
Persistent link: https://www.econbiz.de/10010699820