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Two Essays on Business Description Content Trend and the Cross-Section of Stock Returns.

Record Type:	Language materials, manuscript : Monograph/item
Title/Author:	Two Essays on Business Description Content Trend and the Cross-Section of Stock Returns./
Author:	Zhang, Yan.
Description:	1 online resource (78 pages)
Notes:	Source: Dissertation Abstracts International, Volume: 79-04(E), Section: A.
Contained By:	Dissertation Abstracts International79-04A(E).
Subject:	Finance. -
Online resource:	click for full text (PQDT)
ISBN:	9780355363432

Two Essays on Business Description Content Trend and the Cross-Section of Stock Returns.
Zhang, Yan.

Two Essays on Business Description Content Trend and the Cross-Section of Stock Returns. - 1 online resource (78 pages)

Source: Dissertation Abstracts International, Volume: 79-04(E), Section: A.

Thesis (Ph.D.)

Includes bibliographical references

This dissertation examines the business description firms include in their 10-Ks. Using the Latent Dirichlet Allocation topic extraction methodology, I identify the highest trending topic for each industry and each firm's loading on this topic. In the first chapter, after controlling for risk, I find that firms with higher loading on the highest trending topic are more likely to experience lower future returns. These findings are consistent with the notion that investors are willing to pay more for firms that use trendy language, even though the higher prices are not justified by their fundamental values. In the second chapter, I disentangle the relations between 10-K trend loading, earnings management, and analysts' forecast errors during the 10-K release. I find that 10-K trend loading and earnings management are conditionally uncorrelated, and that analysts can make forecast errors contrary to the level of 10-K trend loading, correcting the short-run market underreactions.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2018

Mode of access: World Wide Web

ISBN: 9780355363432Subjects--Topical Terms:

559073
Finance.
Index Terms--Genre/Form:

554714
Electronic books.

Two Essays on Business Description Content Trend and the Cross-Section of Stock Returns.
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245 1 0 $a Two Essays on Business Description Content Trend and the Cross-Section of Stock Returns.
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300 $a 1 online resource (78 pages)
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500 $a Source: Dissertation Abstracts International, Volume: 79-04(E), Section: A.
500 $a Adviser: Shmuel Baruch.
502 $a Thesis (Ph.D.) $c The University of Utah $d 2017.
504 $a Includes bibliographical references
520 $a This dissertation examines the business description firms include in their 10-Ks. Using the Latent Dirichlet Allocation topic extraction methodology, I identify the highest trending topic for each industry and each firm's loading on this topic. In the first chapter, after controlling for risk, I find that firms with higher loading on the highest trending topic are more likely to experience lower future returns. These findings are consistent with the notion that investors are willing to pay more for firms that use trendy language, even though the higher prices are not justified by their fundamental values. In the second chapter, I disentangle the relations between 10-K trend loading, earnings management, and analysts' forecast errors during the 10-K release. I find that 10-K trend loading and earnings management are conditionally uncorrelated, and that analysts can make forecast errors contrary to the level of 10-K trend loading, correcting the short-run market underreactions.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2018
538 $a Mode of access: World Wide Web
650 4 $a Finance. $3 559073
655 7 $a Electronic books. $2 local $3 554714
690 $a 0508
710 2 $a ProQuest Information and Learning Co. $3 1178819
710 2 $a The University of Utah. $b Finance. $3 1180858
773 0 $t Dissertation Abstracts International $g 79-04A(E).
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=10603730 $z click for full text (PQDT)