Levels versus changes: Information contents of textual information

Research output: Contribution to journalArticlepeer-review

1 Citation (Scopus)


We clarify the information value of changes in the textual information of analyst reports. The analyses reveal that stock prices react considerably to changes in the linguistic tone of reports. In addition, prices react asymmetrically to
the levels and changes of report tone, overreact to the levels, and underreact to changes. Our evidence suggests that a change in the textual tone provides incremental information that investors overlook, supporting the informational value of changes in textual information.
Original languageEnglish
JournalInternational Review of Finance
Issue number4
Publication statusPublished - Dec 2022


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