Sentiment Analysis of German Texts in Finance: Improving and Testing the BPW Dictionary

Matthias Pöferlein ()
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Matthias Pöferlein: University of Bayreuth, Germany

Journal of Banking and Financial Economics, 2021, vol. 2, issue 16, 5-24

Abstract: focused on English-speaking content. This is due to the need for domain-specific dictionaries and the primary availability of those in English. Through the contribution of Bannier et al. (2019b), the first finance-related dictionary is available for the German language. Because of the novelty of this dictionary, this paper proposes several reforms and extensions of the original word lists. Additionally, I tested multiple measurements of sentiment. I show that using the edited and extended dictionary to calculate a relative measurement of sentiment, central assumptions regarding textual analysis can be fulfilled and more significant relations between the sentiment of a speech by a CEO at the Annual General Meeting and subsequent abnormal stock returns can be calculated.

Keywords: textual analysis; textual sentiment; sentiment analysis; content analysis; annual general meeting; CEO speeches (search for similar items in EconPapers)
JEL-codes: G12 G14 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:sgm:jbfeuw:v:2:y:2022:i:16:p:5-24

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