Bank deposits and textual sentiment: When an European Central Bank president's speech is not just a speech

We investigate whether the textual sentiment affects European depositors' behavior in withdrawing their deposits. construct two sentiments able to capture perceived uncertainty. Our findings suggest that a high frequency of uncertainty and weak modal words Central Bank (ECB) president's monthly speeches leads both households non-financial corporations withdraw bank also find corporations' deposits are more sensitive than households' these sentiments. These regulators policymakers could expand already existing early-warning systems for banking sector by considering ECB speeches.