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 Award | 12 Jul 2024 |
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Original language | English |
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Awarding Institution | - Universidade Católica Portuguesa
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Supervisor | Paulo Alves (Supervisor) |
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- Financial narratives
- Textual analysis
- Tone
- Forward-looking
- Annual reports
- Analyst behaviour
- Mestrado em Economia Empresarial
Financial narratives and analysts behaviour
Silva, D. F. B. (Student). 12 Jul 2024
Student thesis: Master's Thesis