Analyst Report Readability

The Readability Checker Delite Technical Report

This report describes the DeLite readability checker which automatically assesses the linguistic accessibility of Web documents. The system computes readability scores for an arbitrary German text and highlights those parts of the text causing difficulties with regard to readability. The highlighting is done at different linguistic levels, beginning with surface effects closely connected to mor...

Annual report readability , current earnings , and earnings persistence

This paper examines the relation between annual report readability and firm performance and earnings persistence. I measure the readability of public company annual reports using the Fog index from the computational linguistics literature and the length of the document. I find that: (1) the annual reports of firms with lower earnings are harder to read (i.e., they have a higher Fog index and ar...

Estimating Readability with the Strathclyde Readability Measure

Despite their significant limitations, readability measures that are easy to apply have definite appeal. With this in mind, we have been exploring the prospects for more insightful measures that are computer-based and, thereby, still easily applied. The orthodox reliance on intrinsic syntactic features is an inherent limitation of most readability measures, since they have no reference to the l...

Is Analyst Output Informative? An Intraday Study of Analyst Comments

Conventional wisdom suggests that the public release of financial analyst output is informative to traders about firm value. However, empirical tests of this mechanism have encountered difficulties in isolating the release of analyst output from concurrent intervening events such as analysts’ private-client communications. Earnings conference calls provide a unique opportunity to overcome this ...

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