Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/168192
Authors: 
Bannier, Christina E.
Pauls, Thomas
Walter, Andreas
Year of Publication: 
2017
Series/Report no.: 
Beiträge zur Jahrestagung des Vereins für Socialpolitik 2017: Alternative Geld- und Finanzarchitekturen - Session: Behavioral Finance G16-V3
Abstract: 
We analyze the market reaction to the sentiment of the CEO speech at the Annual General Meeting (AGM). Adapting a finance-specific German dictionary based on Loughran and McDonald (2011), we find that CEO speeches' textual sentiment is significantly related to abnormal stock returns and trading volume around the AGM. Investors hence seem to perceive the speeches' sentiment as a valuable indicator of future firm performance.
JEL: 
G02
G12
G14
Document Type: 
Conference Paper

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