Now showing items 1-2 of 2
When the use of positive language backfires : The joint effect of tone, readability, and investor sophistication on earnings judgments
Recent studies document that market participants react positively to the positive language sentiment or tone embedded in financial disclosures, and that investors’ reactions to negative news are more muted with poor ...
How does readability influence investors' judgments? Consistency of benchmark performance matters
We conduct two experiments to investigate how readability (high versus low) and benchmark performance consistency (consistent versus inconsistent) influence investors' judgments. Using prior management guidance and year-ago ...