Analyst Information Discovery and Interpretation Roles: A Topic Modeling Approach
dc.contributor.author | Lehavy, Reuven | |
dc.contributor | Huang, Allen | |
dc.contributor | Zang, Amy Y. | |
dc.contributor | Zheng, Rong | |
dc.date.accessioned | 2014-04-02T14:10:38Z | |
dc.date.available | 2014-04-02T14:10:38Z | |
dc.date.issued | 2016-11 | |
dc.identifier | 1229 | en_US |
dc.identifier.uri | https://hdl.handle.net/2027.42/106405 | |
dc.description.abstract | This study examines analyst information intermediary roles using a textual analysis of analyst reports and corporate disclosures. We employ a topic modeling methodology from computational linguistic research to compare the thematic content of a large sample of analyst reports issued promptly after earnings conference calls with the content of the calls themselves. We show that analysts discuss exclusive topics beyond those from conference calls and interpret topics from conference calls. In addition, we find that investors place a greater value on new information in analyst reports when managers face greater incentives to withhold value-relevant information. Analyst interpretation is particularly valuable when the processing costs of conference call information increase. Finally, we document that investors react to analyst report content that simply confirms managers’ conference call discussions. Overall, our study shows that analysts play the information intermediary roles by discovering information beyond corporate disclosures and by clarifying and confirming corporate disclosures. | en_US |
dc.subject | Financial Analysts | en_US |
dc.subject | Conference Calls | en_US |
dc.subject | Information Content | en_US |
dc.subject | Textual Analysis | en_US |
dc.subject | Topic Modeling | en_US |
dc.subject.classification | Accounting | en_US |
dc.title | Analyst Information Discovery and Interpretation Roles: A Topic Modeling Approach | en_US |
dc.type | Working Paper | en_US |
dc.subject.hlbsecondlevel | Economics | en_US |
dc.subject.hlbtoplevel | Business | en_US |
dc.contributor.affiliationum | Ross School of Business | en_US |
dc.contributor.affiliationother | Hong Kong University of Science and Technology - School of Business and Management | en_US |
dc.contributor.affiliationother | Hong Kong University of Science and Technology - School of Business and Management | en_US |
dc.contributor.affiliationother | Hong Kong University of Science and Technology - School of Business and Management | en_US |
dc.contributor.affiliationumcampus | Ann Arbor | |
dc.description.bitstreamurl | http://deepblue.lib.umich.edu/bitstream/2027.42/106405/1/1229_Lehavy.pdf | |
dc.description.bitstreamurl | http://deepblue.lib.umich.edu/bitstream/2027.42/106405/4/1229_Lehavy.pdf | |
dc.description.bitstreamurl | http://deepblue.lib.umich.edu/bitstream/2027.42/106405/5/1229_Lehavy_Jul14.pdf | |
dc.description.bitstreamurl | http://deepblue.lib.umich.edu/bitstream/2027.42/106405/7/1229_Lehavy_June2015.pdf | |
dc.description.bitstreamurl | http://deepblue.lib.umich.edu/bitstream/2027.42/106405/9/1229_Lehavy_Sept2015.pdf | |
dc.description.bitstreamurl | http://deepblue.lib.umich.edu/bitstream/2027.42/106405/11/1229_Lehavy_July2016.pdf | |
dc.description.bitstreamurl | http://deepblue.lib.umich.edu/bitstream/2027.42/106405/13/1229_Lehavy_Nov2016.pdf | |
dc.description.filedescription | Description of 1229_Lehavy_July2016.pdf : July 2016 Revision | |
dc.description.filedescription | Description of 1229_Lehavy_Sept2015.pdf : September 2015 revision | |
dc.description.filedescription | Description of 1229_Lehavy_June2015.pdf : June 2015 Revision | |
dc.description.filedescription | Description of 1229_Lehavy_Jul14.pdf : July 2014 revision | |
dc.description.filedescription | Description of 1229_Lehavy.pdf : Correct original version April 7th 2014 | |
dc.description.filedescription | Description of 1229_Lehavy_Nov2016.pdf : November 2016 revision | |
dc.owningcollname | Business, Stephen M. Ross School of - Working Papers Series |
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