Analysis of the finanacial reports of the 50 largest banks and comparison with data in Value Line Investment Survey was undertaken to determine the relationship between numerical data and textual data. Conclusions report that there is a relationship and one that may be useful in at least short range prediction of actual financial returns.
content analysis, language, annual reports
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Farrelly, Gail E. and van Breda, Michael F., "Analyzing the Language of Finance: The Case of Assessing Risk" (1984). Historical Working Papers. 73.