CEO-speeches and stock returns

Christina Bannier, Thomas Pauls and Andreas Walter

VfS Annual Conference 2017 (Vienna): Alternative Structures for Money and Banking from Verein für Socialpolitik / German Economic Association

Abstract: We analyze the market reaction to the sentiment of the CEO speech at the Annual General Meeting (AGM). Adapting a finance-specific German dictionary based on Loughran and McDonald (2011), we find that CEO speeches' textual sentiment is significantly related to abnormal stock returns and trading volume around the AGM. Investors hence seem to perceive the speeches' sentiment as a valuable indicator of future firm performance.

JEL-codes: G02 G12 G14 (search for similar items in EconPapers)
Date: 2017
New Economics Papers: this item is included in nep-cfn, nep-cta and nep-hrm
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Citations: View citations in EconPapers (2)

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Working Paper: CEO-speeches and stock returns (2017)
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:vfsc17:168192

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