When Is a Liability Not a Liability? Textual Analysis, Dictionaries, and 10‐Ks
研究发现哈佛词典将金融文本中大量非负面词误判为负面，并开发了更适合金融语境的负面词表及其他五个词表，用于分析10-K文件与市场反应、欺诈等的关系。
ABSTRACT Previous research uses negative word counts to measure the tone of a text. We show that word lists developed for other disciplines misclassify common words in financial text. In a large sample of 10‐Ks during 1994 to 2008, almost three‐fourths of the words identified as negative by the widely used Harvard Dictionary are words typically not considered negative in financial contexts. We develop an alternative negative word list, along with five other word lists, that better reflect tone in financial text. We link the word lists to 10‐K filing returns, trading volume, return volatility, fraud, material weakness, and unexpected earnings.