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Linguistic Certainty in Managerial Announcements
Abstract
This chapter provides a review of the prior literature examining the relations between text-based measures of risk and uncertainty in managerial announcements and various economic measures of risk. The authors also present new empirical analyses examining the antecedents, characteristics of contemporaneous numerical disclosures, and market consequences of linguistic certainty in managerial forecast announcements. The results show that prior forecast accuracy increases the certainty of the diction accompanying management's current period forecast, that linguistic certainty reinforces the precision of the contemporaneously provided numerical forecast, and that higher levels of managerial textual uncertainty increase the market's uncertainty regarding the value of the firm. The review of the limited extant literature, together with the new results presented here, suggest numerous additional avenues for further investigation of the economic risk relevance of linguistic measures of uncertainty.
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