When EU Leaders Speak, the Markets Listen
通过内容分析软件研究欧洲理事会会议公报的特征，发现公报的积极情绪和道德立场能解释会议前后股票收益的很大一部分变化，而抽象词汇过多或聚焦地区问题则导致负收益。
We use content analysis software to examine certain characteristics of communications arising from European Council meetings. These characteristics appear to explain a large proportion of variation in stock returns around the meeting dates. More specifically, stock market investors react favourably when the conclusions and declarations issued by heads of states convey a positive sentiment and demonstrate a stance of moral rectitude. On the other hand, the returns tend to be negative when the communications are obfuscated by an excessive use of abstract words and fixated on regional rather than global issues.