Novel Multi-word Lists for Investors’ Decision Making

  • Renáta Myšková
  • Petr HájekEmail author
Conference paper
Part of the Lecture Notes in Computer Science book series (LNCS, volume 9302)


The language of firm-related documents is recognized as being an important indicator of transparent firm culture and management access to stakeholders. This study aims to analyze annual reports of selected U.S. firms during 2008-2010 from the investor’s perspective. We examine whether investment indicators correspond to the tone (sentiment) of management comments in annual reports. To overcome the limitations of domain-specific single-word dictionaries, we develop positive and negative multi-word dictionaries. We present the results separately for two sectors, manufacturing and services. We show that the multi-word dictionaries correlate better with the indicators of investment activity, in particular with those related to long-term investment.


Word list Sentiment analysis Annual report Investor 


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© Springer International Publishing Switzerland 2015

Authors and Affiliations

  1. 1.Faculty of Economics and Administration, Institute of Business Economics and ManagementUniversity of PardubicePardubiceCzech Republic
  2. 2.Faculty of Economics and Administration, Institute of System Engineering and InformaticsUniversity of PardubicePardubiceCzech Republic

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