The DOI matches its Crossref record; 57 of the 57 references it cites were found in a registry or an index.
Evidence on the Information Content of Text in Analyst Reports
Open accessAbstract
We document that textual discussions in a sample of 363,952 analyst reports provide information to investors beyond that in the contemporaneously released earnings forecasts, stock recommendations, and target prices, and also assist investors in interpreting these signals. Cross-sectionally, we find that investors react more strongly to negative than to positive text, suggesting that analysts are especially important in propagating bad news. Additional evidence indicates that analyst report text is more useful when it places more emphasis on nonfinancial topics, is written more assertively and concisely, and when the perceived validity of other information signals in the same report is low. Finally, analyst report text is shown to have predictive value for future earnings growth in the subsequent five years.
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Citations
Cites
Opinion Mining and Sentiment Analysis
Pang, B., & Lee, L. (2008) · now publishers, Inc. eBooks · doi:10.1561/9781601981516 · Cited by 6,720
Opinion mining and sentiment analysis
Pang, B., & Lee, L. (2008) · Foundations and Trends® in Information Retrieval · doi:10.1561/1500000011 · Cited by 6,372
When Is a Liability Not a Liability? Textual Analysis, Dictionaries, and 10‐Ks
LOUGHRAN, T., & MCDONALD, B. (2011) · The Journal of Finance · doi:10.1111/j.1540-6261.2010.01625.x · Cited by 6,015
Dhaliwal, D. S., Li, O. Z., Tsang, A., & Yang, Y. G. (2011) · The Accounting Review · doi:10.2308/accr.00000005 · Cited by 4,337
Verrecchia, R. E. (1983) · Journal of Accounting and Economics · doi:10.1016/0165-4101(83)90011-3 · Cited by 3,481
Annual report readability, current earnings, and earnings persistence
Li, F. (2008) · Journal of Accounting and Economics · doi:10.1016/j.jacceco.2008.02.003 · Cited by 2,838
Bad News Travels Slowly: Size, Analyst Coverage, and the Profitability of Momentum Strategies
Hong, H., Lim, T., & Stein, J. C. (2000) · The Journal of Finance · doi:10.1111/0022-1082.00206 · Cited by 2,611
Is All That Talk Just Noise? The Information Content of Internet Stock Message Boards
Antweiler, W., & Frank, M. Z. (2004) · The Journal of Finance · doi:10.1111/j.1540-6261.2004.00662.x · Cited by 2,373
Limited attention, information disclosure, and financial reporting
Hirshleifer, D., & Teoh, S. H. (2003) · Journal of Accounting and Economics · doi:10.1016/j.jacceco.2003.10.002 · Cited by 2,324
Do Managers Withhold Bad News?
KOTHARI, S. P., SHU, S., & WYSOCKI, P. D. (2009) · Journal of Accounting Research · doi:10.1111/j.1475-679x.2008.00318.x · Cited by 2,155
Metadata
- Authors
- Huang, A. H., Zang, A. Y., & Zheng, R.
- Venue
- The Accounting Review
- Publisher
- American Accounting Association
- Published
- 2014-06-01
- Volume
- 89
- Issue
- 6
- Pages
- 2151-2180
- ISSN
- 0001-4826 (ISSN-L)
- 1558-7967
- OpenAlex
- W3124766520
- Cited by
- 499
- References
- 57
- FWCI
- 72.62
- Type
- journal article
- Language
- en
- Open access
- bronze
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- CoChat. (2026). Citation check: Evidence on the Information Content of Text in Analyst Reports. https://app.cochat.ai/papers/10.2308/accr-50833
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- Huang, A. H., Zang, A. Y., & Zheng, R. (2014). Evidence on the Information Content of Text in Analyst Reports. The Accounting Review. https://doi.org/10.2308/accr-50833
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.
