Transcription of When Is a Liability Not a Liability? Textual Analysis ...
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When Is a Liability Not a Liability? Textual Analysis ...
THE JOURNAL OF FINANCE VOL. LXVI, NO. 1 FEBRUARY 2011 When Is a Liability Not a Liability ? TextualAnalysis, Dictionaries, and 10-KsTIM LOUGHRAN and BILL MCDONALD ABSTRACTP revious research uses negative word counts to measure the tone of a text. We showthat word lists developed for other disciplines misclassify common words in financialtext. In a large sample of 10-Ks during 1994 to 2008, almost three-fourths of the wordsidentified as negative by the widely used Harvard Dictionary are words typically notconsidered negative in financial contexts. We develop an alternative negative wordlist, along with five other word lists, that better reflect tone in financial text.
Analysis, Dictionaries, and 10-Ks ... 2 Modal verbs are used to express possibility (weak) and necessity (strong). We extend this categorization to create our more general classification of modal words. 38 The Journal of Finance R approach over a word categorization one, arguing that categorization might
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