Host: 上海立信会计金融学院

  • ISSN 2096-9554
  • CN 31-2074/F
Volume 35 Issue 1
Jan.  2021
Turn off MathJax
Article Contents
Liu Yunjing, Zhang Ziyi, Zhang Min. 2021. Text Analysis in the Research of Finance and Accounting: Review and Prospect. Accounting and Economic Research, 35(1): 3-22.
Citation: Liu Yunjing, Zhang Ziyi, Zhang Min. 2021. Text Analysis in the Research of Finance and Accounting: Review and Prospect. Accounting and Economic Research, 35(1): 3-22.

Text Analysis in the Research of Finance and Accounting: Review and Prospect

  • Received Date: 2020-10-18
  • Publish Date: 2021-01-25
  • With the increasing maturity of big data technology, text-based research is attracting the attention of academia, but it is still in its infancy. It is necessary to systematically sort out the techniques and documents of text analysis. This paper provides a detailed introduction to the technology and literature of existing text analysis in the research of finance and accounting from five dimensions, which include text information source, text analysis technology, text feature extraction, text analysis application and domestic text analysis research status, and then points out future research directions. This paper helps domestic scholars understand the characteristics and research progress of text analysis research in the field of finance and accounting, and attracts more scholars’ attention to text analysis research in the field of finance and accounting.

     

  • loading
  • [1]
    陈霄, 叶德珠, 邓洁. 2018. 借款描述的可读性能够提高网络借款成功率吗. 中国工业经济 (3): 174−192.
    [2]
    何贤杰, 王孝钰, 赵海龙, 陈信元. 2016. 上市公司网络新媒体信息披露研究: 基于微博的实证分析. 财经研究 (3): 16−27.
    [3]
    林乐, 谢德仁. 2016. 投资者会听话听音吗? —基于管理层语调视角的实证研究. 财经研究 (7): 28−39.
    [4]
    马黎珺, 伊志宏, 张澈. 2019. 廉价交谈还是言之有据? —分析师报告文本的信息含量研究. 管理世界 (7): 182−200. doi: 10.3969/j.issn.1002-5502.2019.07.015
    [5]
    彭红枫, 林川. 2018. 言之有物: 网络借贷中语言有用吗? —来自人人贷借款描述的经验证据. 金融研究 (11): 133−152.
    [6]
    丘心颖, 郑小翠, 邓可斌. 2016. 分析师能有效发挥专业解读信息的作用吗? —基于汉字年报复杂性指标的研究. 经济学(季刊) (4): 1483−1506.
    [7]
    饶育蕾, 彭叠峰, 成大超. 2010. 媒体注意力会引起股票的异常收益吗? —来自中国股票市场的经验证据. 系统工程理论与实践 (2): 287−297. doi: 10.12011/1000-6788(2010)2-287
    [8]
    任宏达, 王琨. 2018. 社会关系与企业信息披露质量—基于中国上市公司年报的文本分析. 南开管理评论 (5): 128−138. doi: 10.3969/j.issn.1008-3448.2018.05.014
    [9]
    孙书娜, 孙谦. 2018. 投资者关注和股市表现—基于雪球关注度的研究. 管理科学学报 (6): 60−71. doi: 10.3969/j.issn.1007-9807.2018.06.005
    [10]
    汪昌云, 武佳薇. 2015. 媒体语气、投资者情绪与IPO定价. 金融研究 (9): 174−189.
    [11]
    王靖一, 黄益平. 2018. 金融科技媒体情绪的刻画与对网贷市场的影响. 经济学(季刊) (4): 1623−1650.
    [12]
    王雄元, 高曦, 何捷. 2018. 年报风险信息披露与审计费用—基于文本余弦相似度视角. 审计研究 (5): 98−104. doi: 10.3969/j.issn.1002-4239.2018.05.014
    [13]
    游家兴, 吴静. 2012. 沉默的螺旋: 媒体情绪与资产误定价. 经济研究 (7): 141−152.
    [14]
    俞庆进, 张兵. 2012. 投资者有限关注与股票收益—以百度指数作为关注度的一项实证研究. 金融研究 (8): 152−165.
    [15]
    曾建光. 2015. 网络安全风险感知与互联网金融的资产定价. 经济研究 (7): 131−145.
    [16]
    曾庆生, 周波, 张程, 陈信元. 2018. 年报语调与内部人交易: “表里如一”还是“口是心非”? 管理世界 (9): 143−160. doi: 10.3969/j.issn.1002-5502.2018.09.012
    [17]
    朱朝晖, 包燕娜, 许文瀚. 2018. 管理层语调离差策略及其对分析师预测乐观度影响—基于A股制造业上市公司MD&A文本分析. 财经论丛 (2): 39−46.
    [18]
    Allee, K. D., and M. D. DeAngelis. 2015. The structure of voluntary disclosure narratives: Evidence from tone dispersion. Journal of Accounting Research 53(2): 241−274. doi: 10.1111/1475-679X.12072
    [19]
    Antweiler, W., and M. Z. Frank. 2004. Is all that talk just noise? The information content of internet stock message boards. The Journal of Finance 59(3): 1259−1294. doi: 10.1111/j.1540-6261.2004.00662.x
    [20]
    Baker, S. R., N. Bloom, and S. J. Davis. 2016. Measuring economic policy uncertainty. The Quarterly Journal of Economics 131(4): 1593−1636. doi: 10.1093/qje/qjw024
    [21]
    Baloria, V. P., and J. Heese. 2018. The effects of media slant on firm behavior. Journal of Financial Economics 129(1): 184−202. doi: 10.1016/j.jfineco.2018.04.004
    [22]
    Bandiera, O., A. Prat, S. Hansen, and R. Sadun. 2020. CEO behavior and firm performance. Journal of Political Economy 128(4): 1325−1369. doi: 10.1086/705331
    [23]
    Bao, Y., and A. Datta. 2014. Simultaneously discovering and quantifying risk types from textual risk disclosures. Management Science 60(6): 1371−1391. doi: 10.1287/mnsc.2014.1930
    [24]
    Baumer, E. P., D. Mimno, S. Guha, E. Quan, and G. K. Gay. 2017. Comparing grounded theory and topic modeling: Extreme divergence or unlikely convergence? Journal of the Association for Information Science and Technology 68(6): 1397−1410. doi: 10.1002/asi.23786
    [25]
    Blaseg, D., and C. E. Bannier. 2019. Summarization in financial disclosures: Determinants and effects of prospectus summaries. SSRN Working Paper.
    [26]
    Blei, D. M., A. Y. Ng, and M. I. Jordan. 2003. Latent dirichlet allocation. The Journal of Machine Learning Research 3(5): 993−1022.
    [27]
    Bochkay, K., R. Chychyla, and D. Nanda. 2019. Dynamics of CEO disclosure style. The Accounting Review 94(4): 103−140. doi: 10.2308/accr-52281
    [28]
    Bochkay, K., J. Hales, and S. Chava. 2020. Hyperbole or reality? Investor response to extreme language in earnings conference calls. The Accounting Review 95(2): 31−60. doi: 10.2308/accr-52507
    [29]
    Bonaime, A., H. Gulen, and M. Ion. 2018. Does policy uncertainty affect mergers and acquisitions? Journal of Financial Economics 129(3): 531−558. doi: 10.1016/j.jfineco.2018.05.007
    [30]
    Bonsall, S. B., A. J. Leone, B. P. Miller, and K. Rennekamp. 2017. A plain English measure of financial reporting readability. Journal of Accounting and Economics 63(2−3): 329−357. doi: 10.1016/j.jacceco.2017.03.002
    [31]
    Brown, N. C., R. M. Crowley, and W. B Elliott. 2020. What are you saying? Using topic to detect financial misreporting. Journal of Accounting Research 58(1): 237−291. doi: 10.1111/1475-679X.12294
    [32]
    Brown, S. V., and J. W. Tucker. 2011. Large-sample evidence on firms’ year-over-year MD&A modifications. Journal of Accounting Research 49(2): 309−346. doi: 10.1111/j.1475-679X.2010.00396.x
    [33]
    Buntine, W. L., and A. Jakulin. 2004. Applying discrete PCA in data analysis. HIIT Technical Report.
    [34]
    Buehlmaier, M. M., and T. M. Whited. 2018. Are financial constraints priced? Evidence from textual analysis. The Review of Financial Studies 31(7): 2693−2728. doi: 10.1093/rfs/hhy007
    [35]
    Bushee, B. J., I. D. Gow, and D. J. Taylor. 2018. Linguistic complexity in firm disclosures: Obfuscation or information? Journal of Accounting Research 56(1): 85−121. doi: 10.1111/1475-679X.12179
    [36]
    Campbell, J. L., H. Chen, D. S. Dhaliwal, H. M. Lu, and L. B. Steele. 2014. The information content of mandatory risk factor disclosures in corporate filings. Review of Accounting Studies 19(1): 396−455. doi: 10.1007/s11142-013-9258-3
    [37]
    Cardinaels, E., S. Hollander, and B. J. White. 2019. Automatic summarization of earnings releases: Attributes and effects on investors’ judgments. Review of Accounting Studies 24(3): 860−890. doi: 10.1007/s11142-019-9488-0
    [38]
    Chen, H., P. De, Y. J. Hu, and B. H. Hwang. 2014. Wisdom of crowds: The value of stock opinions transmitted through social media. The Review of Financial Studies 27(5): 1367−1403. doi: 10.1093/rfs/hhu001
    [39]
    Chen, M. A., Q. Wu, and B. Yang. 2019. How valuable is FinTech innovation? The Review of Financial Studies 32(5): 2062−2106. doi: 10.1093/rfs/hhy130
    [40]
    Chi, S. S., and D. M. Shanthikumar. 2017. Local bias in Google search and the market response around earnings announcements. The Accounting Review 92(4): 115−143. doi: 10.2308/accr-51632
    [41]
    Chowdhury, G. G. 2003. Natural language processing. Annual Review of Information Science and Technology 37(1): 51−89.
    [42]
    Collobert, R., J. Weston, L. Bottou, M. Karlen, K. Kavukcuoglu, and P. Kuksa. 2011. Natural language processing (almost) from scratch. Journal of Machine Learning Research 12(1): 2493−2537.
    [43]
    Cookson, J. A., and M. Niessner. 2020. Why don’t we agree? Evidence from a social network of investors. The Journal of Finance 75(1): 173−228. doi: 10.1111/jofi.12852
    [44]
    Da, Z., J. Engelberg, and P. Gao. 2011. In search of attention. The Journal of Finance 66(5): 1461−1499. doi: 10.1111/j.1540-6261.2011.01679.x
    [45]
    Da, Z., J. Engelberg, and P. Gao. 2015. The sum of all FEARS investor sentiment and asset prices. The Review of Financial Studies 28(1): 1−32. doi: 10.1093/rfs/hhu072
    [46]
    Dale, E., and J. S. Chall. 1949. Techniques for selecting and writing readable materials. Elementary English 26(5): 250−258.
    [47]
    Das, S. R., and M. Y. Chen. 2007. Yahoo! for Amazon: Sentiment extraction from small talk on the web. Management Science 53(9): 1375−1388. doi: 10.1287/mnsc.1070.0704
    [48]
    Davis, A. K., W. Ge, D. Matsumoto, and J. L. Zhang. 2015. The effect of manager-specific optimism on the tone of earnings conference calls. Review of Accounting Studies 20(2): 639−673. doi: 10.1007/s11142-014-9309-4
    [49]
    De Franco, G., O. K. Hope, D. Vyas, and Y. Zhou. 2015. Analyst report readability. Contemporary Accounting Research 32(1): 76−104. doi: 10.1111/1911-3846.12062
    [50]
    Feldman, R., S. Govindaraj, J. Livnat, and B. Segal. 2010. Management’s tone change, post earnings announcement drift and accruals. Review of Accounting Studies 15(4): 915−953. doi: 10.1007/s11142-009-9111-x
    [51]
    Flesch, R. 1948. A new readability yardstick. Journal of Applied Psychology 32(3): 221. doi: 10.1037/h0057532
    [52]
    Frankel, R., J. Jennings, and J. Lee. 2016. Using unstructured and qualitative disclosures to explain accruals. Journal of Accounting and Economics 62(2−3): 209−227. doi: 10.1016/j.jacceco.2016.07.003
    [53]
    Frank, M. Z., and A. Sanati. 2018. How does the stock market absorb shocks? Journal of Financial Economics 129(1): 136−153. doi: 10.1016/j.jfineco.2018.04.002
    [54]
    Garcia, D. 2013. Sentiment during recessions. The Journal of Finance 68(3): 1267−1300. doi: 10.1111/jofi.12027
    [55]
    Green, T. C., R. Huang, Q. Wen, and D. Zhou. 2019. Crowdsourced employer reviews and stock returns. Journal of Financial Economics 134(1): 236−251. doi: 10.1016/j.jfineco.2019.03.012
    [56]
    Guay, W., D. Samuels, and D. Taylor. 2016. Guiding through the fog: Financial statement complexity and voluntary disclosure. Journal of Accounting and Economics 62(2-3): 234−269. doi: 10.1016/j.jacceco.2016.09.001
    [57]
    Gulen, H., and M. Ion. 2016. Policy uncertainty and corporate investment. The Review of Financial Studies 29(3): 523−564.
    [58]
    Gurun, U. G., and A. W. Butler. 2012. Don’t believe the hype: Local media slant, local advertising, and firm value. Journal of Finance 67(2): 561−598. doi: 10.1111/j.1540-6261.2012.01725.x
    [59]
    Gunning, R.1952. Technique of clear writing. New York: McGraw-Hill.
    [60]
    Hanley, K. W., and G. Hoberg. 2019. Dynamic interpretation of emerging risks in the financial sector. The Review of Financial Studies 32(12): 4543−4603. doi: 10.1093/rfs/hhz023
    [61]
    Hernandez-Castaneda, A., R. A. Garcia-Hernandez, Y. Ledeneva, and C. E. Millan-Hernandez. 2020. Extractive automatic text summarization based on lexical-semantic keywords. IEEE Access 8: 49896−49907. doi: 10.1109/ACCESS.2020.2980226
    [62]
    Hillert, A., H. Jacobs, and S. Müller. 2014. Media makes momentum. The Review of Financial Studies 27(12): 3467−3501. doi: 10.1093/rfs/hhu061
    [63]
    Hoberg, G., and G. Phillips. 2010. Product market synergies and competition in mergers and acquisitions: A text-based analysis. The Review of Financial Studies 23(10): 3773−3811. doi: 10.1093/rfs/hhq053
    [64]
    Hoberg, G., and G. Phillips. 2016. Text-based network industries and endogenous product differentiation. Journal of Political Economy 124(5): 1423−1465. doi: 10.1086/688176
    [65]
    Huang, A. H., A. Y. Zang, and R. Zheng. 2014. Evidence on the information content of text in analyst reports. The Accounting Review 89(6): 2151−2180. doi: 10.2308/accr-50833
    [66]
    Huang, J. 2018. The customer knows best: The investment value of consumer opinions. Journal of Financial Economics 128(1): 164−182. doi: 10.1016/j.jfineco.2018.02.001
    [67]
    Huang, Y., and P. Luk. 2020. Measuring economic policy uncertainty in China. China Economic Review 59, 101367.
    [68]
    Huang, Y., H. Qiu, and Z. Wu. 2016. Local bias in investor attention: Evidence from China’s internet stock message boards. Journal of Empirical Finance 38: 338−354. doi: 10.1016/j.jempfin.2016.07.007
    [69]
    Hwang, B. H., and H. H. Kim. 2017. It pays to write well. Journal of Financial Economics 124(2): 373−394. doi: 10.1016/j.jfineco.2017.01.006
    [70]
    Janasik, N., T. Honkela, and H. Bruun. 2009. Text mining in qualitative research: Application of an unsupervised learning method. Organizational Research Methods 12(3): 436−460. doi: 10.1177/1094428108317202
    [71]
    Jegadeesh, N., and D. Wu. 2013. Word power: A new approach for content analysis. Journal of Financial Economics 110(3): 712−729. doi: 10.1016/j.jfineco.2013.08.018
    [72]
    Jiang, F., J. Lee, X. Martin, and G. Zhou. 2019a. Manager sentiment and stock returns. Journal of Financial Economics 132(1): 126−149. doi: 10.1016/j.jfineco.2018.10.001
    [73]
    Jiang, L., J. Liu, and B. Yang. 2019b. Communication and comovement: Evidence from online stock forums. Financial Management 48(3): 805−847. doi: 10.1111/fima.12245
    [74]
    Jones, M. J., and P. A. Shoemaker. 1994. Accounting narratives: A review of empirical studies of content and readability. Journal of Accounting Literature 13(1): 142.
    [75]
    Joshi, K. 1991. A model of users’ perspective on change: The case of information systems technology implementation. Mis Quarterly 15(2): 229−242. doi: 10.2307/249384
    [76]
    Jung, M. J., J. P. Naughton, A. Tahoun, and C. Wang. 2018. Do firms strategically disseminate? Evidence from corporate use of social media. The Accounting Review 93(4): 225−252. doi: 10.2308/accr-51906
    [77]
    Kelly, B., D. Papanikolaou, A. Seru, and M. Taddy. 2018. Measuring technological innovation over the long run. NBER Working Paper.
    [78]
    Kogan, S., T. J. Moskowitz, and M. Niessner. 2018. Fake news: Evidence from financial markets. SSRN Working Paper.
    [79]
    Kouloumpis, E., T. Wilson, and J. Moore. 2011. Twitter sentiment analysis: The good the bad and the OMG! International Conference on Weblogs & Social Media.
    [80]
    Lang, M., and L. Stice-Lawrence. 2015. Textual analysis and international financial reporting: Large sample evidence. Journal of Accounting and Economics 60(2-3): 110−135. doi: 10.1016/j.jacceco.2015.09.002
    [81]
    Larcker, D. F., and A. A. Zakolyukina. 2012. Detecting deceptive discussions in conference calls. Journal of Accounting Research 50(2): 495−540. doi: 10.1111/j.1475-679X.2012.00450.x
    [82]
    Lawrence, A. 2013. Individual investors and financial disclosure. Journal of Accounting and Economics 56(1): 130−147. doi: 10.1016/j.jacceco.2013.05.001
    [83]
    Lehavy, R., F. Li, and K. Merkley. 2011. The effect of annual report readability on analyst following and the properties of their earnings forecasts. The Accounting Review 86(3): 1087−1115. doi: 10.2308/accr.00000043
    [84]
    Lewis, N. R., L. D. Parker, G. D. Pound, and P. Sutcliffe. 1986. Accounting report readability: The use of readability techniques. Accounting and Business Research 16(63): 199−213. doi: 10.1080/00014788.1986.9729318
    [85]
    Li, F. 2008. Annual report readability, current earnings, and earnings persistence. Journal of Accounting and Economics 45(2-3): 221−247. doi: 10.1016/j.jacceco.2008.02.003
    [86]
    Li, F. 2010. The information content of forward-looking statements in corporate filings—A naïve Bayesian machine learning approach. Journal of Accounting Research 48(5): 1049−1102. doi: 10.1111/j.1475-679X.2010.00382.x
    [87]
    Lo, K., F. Ramos, and R. Rogo. 2017. Earnings management and annual report readability. Journal of Accounting and Economics 63(1): 1−25. doi: 10.1016/j.jacceco.2016.09.002
    [88]
    Loughran, T., and B. McDonald. 2011. When is a liability not a liability? Textual analysis, dictionaries, and 10-Ks. The Journal of Finance 66(1): 35−65. doi: 10.1111/j.1540-6261.2010.01625.x
    [89]
    Loughran, T., and B. McDonald. 2014. Measuring readability in financial disclosures. The Journal of Finance 69(4): 1643−1671. doi: 10.1111/jofi.12162
    [90]
    Loughran, T., and B. McDonald. 2016. Textual analysis in accounting and finance: A survey. Journal of Accounting Research 54(4): 1187−1230. doi: 10.1111/1475-679X.12123
    [91]
    Loughran, T., B. McDonald, and H. Yun. 2009. A wolf in sheep’s clothing: The use of ethics-related terms in 10-K reports. Journal of Business Ethics 89(1): 39−49.
    [92]
    Manela, A., and A. Moreira. 2017. News implied volatility and disaster concerns. Journal of Financial Economics 123(1): 137−162. doi: 10.1016/j.jfineco.2016.01.032
    [93]
    Mayew, W. J., M. Sethuraman, and M. Venkatachalam. 2015. MD&A disclosure and the firm’s ability to continue as a going concern. The Accounting Review 90(4): 1621−1651. doi: 10.2308/accr-50983
    [94]
    Mckenny, A. F., H. Aguinis, and A. H. Anglin. 2016. What doesn’t get measured does exist improving the accuracy of computer-aided text analysis. Journal of Management 44(7): 2909−2933.
    [95]
    Mc Laughlin, G. H. 1969. SMOG grading—a new readability formula. Journal of Reading 12(8): 639−646.
    [96]
    Piotroski, J. D., T. J. Wong, and T. Zhang. 2017. Political bias in corporate news: The role of conglomeration reform in China. The Journal of Law and Economics 60(1): 173−207. doi: 10.1086/693096
    [97]
    Price, S. M., J. S. Doran, D. R. Peterson, and B. A. Bliss. 2012. Earnings conference calls and stock returns: The incremental informativeness of textual tone. Journal of Banking & Finance 36(4): 992−1011.
    [98]
    Reinard, J. C. 2008. Introduction to communication research. Corporate Communications: An International Journal 4(4): 208−209.
    [99]
    Renault, T. 2017. Intraday online investor sentiment and return patterns in the US stock market. Journal of Banking & Finance 84: 25−40.
    [100]
    Ryans, J. P. 2021. Textual classification of SEC comment letters. Review of Accounting Studies 26(1): 37−80.
    [101]
    Schütze, H., C. D. Manning, and P. Raghavan. 2008. Introduction to information retrieval. Cambridge: Cambridge University Press.
    [102]
    Short, J. C., J. C. Broberg, C. C. Cogliser, and K. H. Brigham. 2010. Construct validation using computer-aided text analysis (CATA): An illustration using entrepreneurial orientation. Organizational Research Methods 13(2): 320−347. doi: 10.1177/1094428109335949
    [103]
    Solomon, D. H., E. Soltes, and D. Sosyura. 2014. Winners in the spotlight: Media coverage of fund holdings as a driver of flows. Journal of Financial Economics 113(1): 53−72. doi: 10.1016/j.jfineco.2014.02.009
    [104]
    Strauss, A., and J. Corbin. 1998. Basics of qualitative research: Techniques and procedures for developing grounded theory. Working Paper.
    [105]
    Tetlock, P. C. 2007. Giving content to investor sentiment: The role of media in the stock market. The Journal of Finance 62(3): 1139−1168. doi: 10.1111/j.1540-6261.2007.01232.x
    [106]
    Tetlock, P. C., M. Saar-Tsechansky, and S. Macskassy. 2008. More than words: Quantifying language to measure firms’ fundamentals. The Journal of Finance 63(3): 1437−1467. doi: 10.1111/j.1540-6261.2008.01362.x
    [107]
    Thomas, G., R. D. Hartley, and J. P. Kincaid. 1975. Test-retest and inter-analyst reliability of the automated readability index, flesch reading ease score, and the fog count. Journal of Literacy Research 7(2): 149−154.
    [108]
    Yan, Y., X. Xiong, J. G. Meng, and G. Zou. 2019. Uncertainty and IPO initial returns: Evidence from the tone analysis of China’s IPO prospectuses. Pacific-Basin Finance Journal 57, 101075.
    [109]
    You, H., and X. Zhang. 2009. Financial reporting complexity and investor underreaction to 10-K information. Review of Accounting Studies 14(4): 559−586. doi: 10.1007/s11142-008-9083-2
    [110]
    You, J., B. Zhang, and L. Zhang. 2018. Who captures the power of the pen? The Review of Financial Studies 31(1): 43−96. doi: 10.1093/rfs/hhx055

Catalog

    通讯作者: 陈斌, bchen63@163.com
    • 1. 

      沈阳化工大学材料科学与工程学院 沈阳 110142

    1. 本站搜索
    2. 百度学术搜索
    3. 万方数据库搜索
    4. CNKI搜索

    Figures(3)  / Tables(1)

    Article views (681) PDF downloads(519) Cited by()
    Proportional views
    Related
    Link 

    /

    DownLoad:  Full-Size Img  PowerPoint
    Return
    Return