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Cited by 380

The DOI matches its Crossref record; 32 of the 32 references it cites were found in a registry or an index.

Lazy Prices

COHEN, LAUREN, MALLOY, CHRISTOPHER, NGUYEN, QUOC·2020·The Journal of Finance
DOI 10.1111/jofi.12885
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Abstract

Using the complete history of regular quarterly and annual filings by U.S. corporations, we show that changes to the language and construction of financial reports have strong implications for firms’ future returns and operations. A portfolio that shorts “changers” and buys “nonchangers” earns up to 188 basis points per month in alpha (over 22% per year) in the future. Moreover, changes to 10‐Ks predict future earnings, profitability, future news announcements, and even future firm‐level bankruptcies. Unlike typical underreaction patterns, we find no announcement effect, suggesting that investors are inattentive to these simple changes across the universe of public firms.

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Crossref · 10.1111/jofi.12885

Cites

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Metadata

Authors
COHEN, L., MALLOY, C., & NGUYEN, Q.
Venue
The Journal of Finance
Publisher
Wiley
Published
2020-02-22
Volume
75
Issue
3
Pages
1371-1415
ISSN
  • 0022-1082 (ISSN-L)
  • 1540-6261
DOI
10.1111/jofi.12885
OpenAlex
W4252402383
Cited by
380
References
32
FWCI
66.57
Type
journal article
Language
en
Open access
closed

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CoChat. (2026). Citation check: Lazy Prices. https://app.cochat.ai/papers/10.1111/jofi.12885
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COHEN, L., MALLOY, C., & NGUYEN, Q. (2020). Lazy Prices. The Journal of Finance. https://doi.org/10.1111/jofi.12885

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.