Comprehensibility and comprehensiveness of financial analysts’ reports

Whitehouse-Furrer, Marlies; Perrin, Daniel

doi:10.1016/j.scoms.2015.03.007

Cited by 12 publications

(13 citation statements)

References 3 publications

(3 reference statements)

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“…The hypothesis is supported by four arguments. First, previous literature suggests that both analysts and investors find the text of the report important (Fogarty & Rogers, 2005; Whitehouse-Furrer & Perrin, 2015). Given the context of the stock market, this importance should translate into an effect on stock prices.…”

Section: Literature Review and Hypotheses Developmentmentioning

confidence: 99%

“…On the other hand, investors with greater expertise use analyst reports to analyze company data in light of macroeconomic trends and industry news (Fogarty & Rogers, 2005). Despite the importance of the reports produced by analysts “the fact that every financial analyst is a professional writer has been widely ignored so far” (Whitehouse-Furrer & Perrin, 2015, p. 111) and research into reports written in non-English languages is even more scarce. To fill this gap, we analyze the texts of publicly available sell-side analyst reports written in Polish for companies listed on the Warsaw Stock Exchange in Poland, a market included in emerging market index portfolios along with China, India, Brazil, and other developing countries.…”

Section: Introductionmentioning

confidence: 99%

“…The text of an analyst report allows an analyst to establish his or her credibility in the eyes of the readers, the investor community. The texts are carefully written and edited before being made public (Whitehouse-Furrer & Perrin, 2015). Analysts present a mix of positive and negative statements when making a positive recommendation, because “viewing negative arguments in an otherwise positive report increases investors’ perceptions of credibility as compared to one-sided argumentation and, in turn, their beliefs about future performance and judged likelihood of investment are higher” (Winchel, 2015, p. 994).…”

Section: Introductionmentioning

confidence: 99%

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Evaluation Markers and Mitigators in Analyst Reports in Light of Market Response to Stock Recommendations

Klimczak

Dynel

2018

International Journal of Business Communication

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Professionals and individuals who invest in equity markets rely on financial analysts’ recommendations and reports to decide on what to invest in and when to trade. This study examines the role of two groups of communication strategies, evaluation markers and mitigators, in establishing analysts’ credibility. The sample consists of 80 reports written in Polish for companies listed on the Warsaw Stock Exchange in Poland. In this emerging market setting, where credibility is challenged by uncertainty, analysts deploy various strategies depending on the recommendation they make: “buy,” “hold,” or “sell” shares. The findings point toward a specific group of mitigators, namely subjectivization, as a means of communicating expert opinion. Regression results reveal that investors’ reaction to the publication of a recommendation to “hold” or “sell” shares, measured based on the changes in share prices, is stronger when subjectivization is used in a report. The findings carry implications for research into analyst behavior and for the development of professional writing skills.

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Section: Literature Review and Hypotheses Developmentmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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Evaluation Markers and Mitigators in Analyst Reports in Light of Market Response to Stock Recommendations

Klimczak

Dynel

2018

International Journal of Business Communication

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“…Another strand of transdisciplinary projects investigates text production in the domain of finance (e.g., Whitehouse & Perrin, 2015). Because they are constantly writing recommendations for investors, financial analysts can be considered professional TPs without a professional TP's background -their professional education mostly focuses on technical knowledge about banking and finance and neglects language awareness and writing skills.…”

Section: Nationalbank: Analyzing Financial Analysts' Recommendations mentioning

confidence: 99%

On, for, and with practitioners

Perrin

2018

AILA

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This article explains how research “on” practitioners can be turned into research “for and with” practitioners (Cameron, Frazer, Rampton, & Richardson, 1992, p. 22) by including these practitioners in the research teams. Methodologically, it draws on two decades of multimethod research and knowledge transformation at the interface of applied linguistics and transdisciplinary action research on professional communication (Perrin, 2013). Empirically, it is based on large corpora of data collected in multilingual and multicultural workplaces. First, the article outlines transdisciplinary action research as a theoretical framework that enables researchers and practitioners to collaboratively develop sustainable solutions to real-world problems in which language use in general and text production in particular play a substantial role (Section 1). Then, Progression Analysis is explained as a multimethod approach to investigate text production practices in natural environments such as workplaces (Section 2). Examples from four domains (education, finance, translation, and journalism) illustrate what value transdisciplinary collaboration between academic researchers and practitioners can add to knowledge generation in applied linguistics (Section 3). For the case of journalism in increasingly global contexts, in-depth analyses offer step-by-step understanding of the trajectory from a real-world problem to a sustainable solution (Section 4). The article concludes by suggesting empirically-based measures for research that contribute to the development of both theory and practice in applied linguistics (Section 5).

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“…Hilfe versprechen die Publikationen und Anlageempfehlungen der Finanzinstitute, die adressatengerecht abgefasst scheinen -bis man sie liest. Auch hier deuten unsere ersten Forschungsergebnisse darauf hin, dass die Zielleserschaft die Texte letztlich oft nicht wirklich verstehen kann, weil diese Texte zum Beispiel mit zu vielen Fachausdrücken durchsetzt sind, die ein gewisses Mass an Finanzkenntnissen voraussetzen (Whitehouse & Perrin, 2015). Was nun, was tun?…”

Section: Teaching Recommendations and Conclusionunclassified

Doing Applied Linguistics

Perrin¹,

Kleinberger²

2017

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Im Flugzeug wie im Spital, in der Wirtschaft wie in den Medien sind wir darauf angewiesen, dass Kommunikation funktioniert. Wo wir uns verständigen können, wird die Welt ein gutes Stück vorherseh-und steuerbar. Missverständnisse dagegen, Unverständnis und Nichtkommunikation erschweren oder verunmöglichen gemeinsames Wirken. So erstaunt wenig, dass erfolgreiche Kommunikation als Schlüsselfaktor einer immer dichter vernetzten Welt gilt (z. B. Ruben & Gigliotti, 2017). Wie aber kann Kommunikation gelingen? Wie weiss man, was auf welche Art wirkt? Und wer muss was tun, damit com-municare, das Gemeinsam-Machen von Bedeutungsvorstellungen, glückt? Mit entsprechenden Fragen rund um Kommunikation, Sprache, Verstehen und Verständigung befasst sich Angewandte Linguistik. Genauer gesagt sucht Angewandte Linguistik nach sprachlichen Mustern bei sozialen Gegebenheiten, nach Lösungen für gesellschaftlich bedeutsame Probleme, in denen Sprache eine tragende Rolle spielt. Dazu zählt die Verständigung innerhalb sozialer Gruppen, über gesellschaftliche Grenzen hinweg, etwa zwischen Alten und Jungen, Reichen und Armen, Laien und Expertinnen, sowie zwischen Politik, Gesellschaft und Wissenschaft. Und dazu zählt selbstverständlich auch die Kommunikation zwischen Sprachräumen und-kulturen. Die Antworten aus unserem Fach helfen in der Praxis, Sprache effizient und zielführend einzusetzen und damit Kommunikation zu gestalten. Angewandte Linguistik ist ausgerichtet auf die Praxis. Sie forscht für die Praxis, über die Praxis und mit der Praxis (vgl. Cameron, Frazer, Rampton, & Richardson, 1992: 22). Und sie vermittelt das so gewonnene Wissen zwischen allen Anspruchsgruppen: der beforschten Praxis, der Wissenschaft und der ganzen Gesellschaft. Soweit der Anspruch des Fachs an sich selbst. Was es bedeuten kann, diesen Anspruch umzusetzen in Forschung, Beratung und Lehre, das zeigen wir in diesem Band. Als Beispiel dient das Departement Angewandte Linguistik der ZHAW Zürcher Hochschule für Angewandte Wissenschaften. Es ist eine der wenigen Hochschuleinheiten auf Stufe Departement/Fakultät in Europa, das sich umfassend der Angewandten Linguistik verpflichtet, mit 16 Professuren und über zweihundert Mitarbeitenden. Der Mehrwert des gemeinsamen Zugangs zu gesellschaftlichen Fragen zeigt sich in der grossen Vielfalt und aktiven Bearbeitung aktueller Herausforderungen von Sprache und Kommunikation in Beruf und Gesellschaft. Eben dieser Mehrwert soll hier deutlich werden. Mit diesem Band danken wir unserem Kollegen Urs Willi, der das Departement und seine Vorstufe über drei Jahrzehnte geleitet und geprägt hat. Zu Wort kommen Forschende und Lehrende, deren Arbeit das Departement seit langem

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Comprehensibility and comprehensiveness of financial analysts’ reports

Cited by 12 publications

References 3 publications

Evaluation Markers and Mitigators in Analyst Reports in Light of Market Response to Stock Recommendations

Evaluation Markers and Mitigators in Analyst Reports in Light of Market Response to Stock Recommendations

On, for, and with practitioners

Doing Applied Linguistics

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