Divergent Market Reactions to Abstract Language: A Multicountry Event Study of European Central Bank Communications
研究了欧洲央行行长演讲中的抽象语言如何导致欧元区核心国与外围国股市反应分化，核心国更偏好抽象沟通，外围国则更偏好具体沟通，且经济利益凸显时分化加剧。
Prominent leaders regularly communicate with multiple markets around the world, but we know little about the challenges that can arise when trying to effectively convey one’s message in a global setting. In this paper, we develop a theory about how language abstraction—a dominant strategy used to create common ground among diverse audiences—can become problematic when used in a global environment where market actors have divergent interests. Employing a multicountry event study, we analyze how the stock markets in 11 eurozone countries react to the abstract language in public speeches delivered by the European Central Bank president. We find that abstract language, rather than creating common ground, produces divergent market reactions across core and peripheral countries, such that market actors in core countries react more favorably to abstract communication, while those in peripheral countries prefer concrete communication. We also show that this divergent reaction is stronger when the economic interests of the core and the periphery are made more salient. This study contributes new insights to research on strategic communication in market settings, expands our understanding of audience heterogeneity and market power, and highlights the growing challenges of communicating in a globalized society.