Announcement Tone and Short-term Reaction to Earnings News
September 27, 2011 - Animal Spirits, Fundamental Valuation
Does the semantic tone of an earnings announcement, as measured independently of the level of earnings surprise, affect stock price reaction. In his September 2011 paper entitled “Short-term Reactions to News Announcements”, Michal Dzielinski investigates the effect of the tone (positive, neutral or negative) of the words in earnings announcements and other company news on stock prices from… Keep Reading