Sentiment Analysis of German Texts in Finance: Improving and Testing the BPW Dictionary
Using the dictionary-based approach to measure the sentiment of finance-related texts is primarily focused on English-speaking content. This is due to the need for domain-specific dictionaries and the primary availability of those in English. Through the contribution of Bannier et al. (2019b), th...
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| Main Author: | |
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| Format: | Article |
| Language: | English |
| Published: |
University of Warsaw
2021-12-01
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| Series: | Journal of Banking and Financial Economics |
| Subjects: | |
| Online Access: | https://press.wz.uw.edu.pl/cgi/viewcontent.cgi?article=1021&context=jbfe |
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| Summary: | Using the dictionary-based approach to measure the sentiment of finance-related texts is primarily
focused on English-speaking content. This is due to the need for domain-specific dictionaries
and the primary availability of those in English. Through the contribution of Bannier et al.
(2019b), the first finance-related dictionary is available for the German language. Because of
the novelty of this dictionary, this paper proposes several reforms and extensions of the original
word lists. Additionally, I tested multiple measurements of sentiment. I show that using the edited
and extended dictionary to calculate a relative measurement of sentiment, central assumptions
regarding textual analysis can be fulfilled and more significant relations between the sentiment of
a speech by a CEO at the Annual General Meeting and subsequent abnormal stock returns can be
calculated. |
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| ISSN: | 2353-6845 |