Financial narratives and analysts behaviour

  • Diogo Ferreira Balão Silva (Student)

Student thesis: Master's Thesis

Abstract

This study analyses the impact of financial narratives, specifically tone and the number of forward-looking words, on analyst behaviour. Using a multivariate model in firms listed on the London Stock Exchange (LSE), we analyse these features on two report sections: Chairman´s Statement and CEO Review. While analyst behaviour is not explained by forward-looking words (with the exception of coefficient of variation metric), the results regarding tone are inconclusive.
Date of Award12 Jul 2024
Original languageEnglish
Awarding Institution
  • Universidade Católica Portuguesa
SupervisorPaulo Alves (Supervisor)

Keywords

  • Financial narratives
  • Textual analysis
  • Tone
  • Forward-looking
  • Annual reports
  • Analyst behaviour

Designation

  • Mestrado em Economia Empresarial

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