This study empirically examines whether spin and tone affect contemporaneous stock returns and volatility. We examine spin and tone of earnings reports from two sources: companies' earnings press releases and the financial news coverage of those releases. Our definition of spin is based on...

This study empirically examines whether spin in earnings information in the financial press or in company press releases can alter investor behaviour and affect stock returns. Our sample includes 72 companies from the Samp;P 100 over the sample period 2000:Q1 to 2005:Q1. Using intraday stock...

This study employs text-analysis software to analyze the contents of the Federal Reserve Beige Book summary of national economic and business conditions, with a particular focus on the predictive content of the text. The empirical results suggest that the Beige Book's tone changes in response to...