Die Reaktionsweise von Investoren auf affektive Managementstatements

Joachim Lang

Die Unternehmung - Swiss Journal of Business Research and Practice, 2019, vol. 73, issue 1, 3-15

Abstract: Using fictitious affective management statements, it was examined whether the expectations and evaluations of different types of investors vary due to the use of linguistic treatments while numbers and facts remain unchanged. The results suggest that unexperienced private investors predict a significantly higher (lower) stock return if they read positively (negatively) formulated management statements. Further, the results indicate that unexperienced private investors tend to expect that the aggregate of investors predicts a significantly higher (lower) stock return if positively (negatively) formulated management statements are read. It can be concluded that in the eyes of this type of investor, consciously and/or unconsciously influencing, the wording contains substantial information. From a practical point of view, this would imply that the management could systematically influence the expectations and evaluations of unexperienced private investors. These interdependencies could not be identified in the case of professional investors and experienced private investors.

Date: 2019
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.nomos-elibrary.de/10.5771/0042-059X-2019-1-3 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:nms:untern:10.5771/0042-059x-2019-1-3

Ordering information: This journal article can be ordered from
Nomos Verlagsgesellschaft mbH & Co. KG, Waldseestraße 3-5, 76530 Baden-Baden, Germany
https://www.nomos-sh ... w.aspx?product=13597

DOI: 10.5771/0042-059X-2019-1-3

Access Statistics for this article

Die Unternehmung - Swiss Journal of Business Research and Practice is currently edited by Prof. Dr. Artur Baldauf, Universität Bern, Prof. Dr. Manfred Bruhn, Universität Basel, Prof. Dr. Pascal Gantenbein, Universität Basel (geschäftsführend), Prof. Dr. Markus Gmür, Universität Fribourg, Prof. Dr. Klaus Möller, Universität St. Gallen, Prof. Dr. Günter Müller-Stewens, Universität St. Gallen, Prof. Dr. Dr. h.c. Margit Osterloh, Universität Zürich, Prof. Dr. Dieter Pfaff, Universität Zürich and Prof. Dr. Martin Wallmeier, Universität Fribourg

More articles in Die Unternehmung - Swiss Journal of Business Research and Practice from Nomos Verlagsgesellschaft mbH & Co. KG
Bibliographic data for series maintained by Nomos Verlagsgesellschaft mbH & Co. KG ().