Don’t you know? They are talking about a revaluation—Market reactions to gains or losses on investment property and earnings call sentiment

Thomas Kaspereit

ERES from European Real Estate Society (ERES)

Abstract: We show that revaluation gains or losses in accordance with IAS 40 – Investment Property – impact stock price reactions in short windows around announcement dates. Furthermore, the valuation-related sentiment of managers on earnings calls is positively correlated with stock price reactions. We provide two tools to measure valuation-related sentiment that can be useful for investors and analysts: IAS40BERT-sentences, which identifies valuation-related sentences, and IAS40BERT-sentiment, which measures valuation-related sentiment. Managerial sentiment in valuation-related sentences is positively correlated with future revaluation gains or losses when the analysis focuses on sentences with the highest rank in terms of forward-looking features.

Keywords: earnings call sentiment; market reactions; revaluation gains or losses (search for similar items in EconPapers)
JEL-codes: R3 (search for similar items in EconPapers)
Date: 2025-01-01
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