logo
科言猫学术研究的AI总结
language
手机端手机端
  • Phone Feature微信小程序
简体中文简体中文
notice消息通知
博客博客
delete
arrow
返回

Lazy Prices

delete2020-02-22
delete106
PRE
AI
L
Lauren Cohen *
C
Christopher J. Malloy
Q
Quoc Hung Nguyen
DOI：10.1111/jofi.12885delete
delete原文链接
delete原文求助
delete分享
delete收藏
摘要

摘要

En 中文
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.
Keyword:
EARNINGS ANNOUNCEMENT DRIFT
INFORMATION-CONTENT
REPORT READABILITY
TEXTUAL ANALYSIS
STOCK-PRICES
UNDERREACTION
FILINGS
SEARCH
AI总结

AI总结

对已上传原文的论文进行重点信息的提取，主要内容包括：简要概述、研究摘要、背景介绍、关键亮点、图文解析、展望与总结。

期刊

Journal of Finance 封面图
Journal of Finance
IF:
9.5
论文数:
4.0K
被引数:
5.0W

机构

H
Harvard University
学者数:
26.5W
论文数: 22.0W
被引数: 28.7W
University of Illinois System 封面图
University of Illinois System
学者数:
6.8W
论文数: 6.2W
被引数: 644
引用论文

引用论文

Effect of solution treatment on mechanical and corrosion resistance properties of Mg–Zn–Nd–xCa alloy
errMaterials Research Express
IF0
err2017-12-07
err0
PREAI
errShumin Xu; Xinying Teng; Guorong Zhou; Degang Zhao
err分享
err收藏
THE MECHANICAL PROPERTIES OF MUSCLE
errBritish Medical Bulletin
IF0
err1956-09-01
err0
PREAI
errD. R. WILKIE
err分享
err收藏
Comparing the post-earnings announcement drift for surprises calculated from analyst and time series forecasts
errJOURNAL OF ACCOUNTING RESEARCH
IF6.3
err2006-03-01
err392
PREAI
errLivnat, J; Mendenhall, RR
err分享
err收藏
Management's tone change, post earnings announcement drift and accruals管理层的语气变化、盈余公告后的漂移和应计项目
errREVIEW OF ACCOUNTING STUDIES
IF5.8
err2009-08-20
err437
PREAI
errFeldman, Ronen; Govindaraj, Suresh; Livnat, Joshua; Segal, Benjamin
err分享
err收藏
The Effect of Quarterly Report Readability on Information Efficiency of Stock Prices
errCONTEMPORARY ACCOUNTING RESEARCH
IF3.8
err2012-05-11
err170
PREAI
errLee, Yen-Jung
err分享
err收藏
Consistency-based service level agreements for cloud storage
errProceedings of the Twenty-Fourth ACM Symposium on Operating Systems Principles
IF0
err2013-11-03
err0
errOAAI
errDouglas B. Terry; Vijayan Prabhakaran; Ramakrishna Kotla; Mahesh Balakrishnan; Marcos K. Aguilera; Hussam Abu-Libdeh
err分享
err收藏
Textual Analysis in Accounting and Finance: A Survey会计与金融文本分析: 综述
errJOURNAL OF ACCOUNTING RESEARCH
IF6.3
err2016-06-08
err1.1K
PREAI
errLoughran, Tim; Mcdonald, Bill
err分享
err收藏
Information Transmission in Finance
errANNUAL REVIEW OF FINANCIAL ECONOMICS
IF0
err2014-12-01
err65
errOAAI
errTetlock, Paul C.
err分享
err收藏
When Is a Liability Not a Liability? Textual Analysis, Dictionaries, and 10-Ks什么时候负债不是负债？文本分析，词典和10-ks
errJOURNAL OF FINANCE
IF9.5
err2011-01-06
err2.8K
PREAI
errLoughran, Tim; McDonald, Bill
err分享
err收藏
Efficient Methodology for Generating Synthetic Populations with Multiple Control Levels
errTransportation Research Record: Journal of the Transportation Research Board
IF0
err2010-01-01
err0
errOAAI
errJoshua Auld; Abolfazl Mohammadian
err分享
err收藏
学者 查看更多内容