ORCID
Matthias Pöferlein 0000-0002-8967-6087
Keywords
textual analysis; textual sentiment; sentiment analysis; content analysis; annual general meeting; CEO speeches
Abstract
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.
Recommended Citation
Pöferlein, M. (2024). Sentiment Analysis of German Texts in Finance: Improving and Testing the BPW Dictionary. Journal of Banking and Financial Economics, 2021(16), 5-24. https://doi.org/10.7172/2353-6845.jbfe.2021.2.1
First Page
5
Last Page
24
Page Count
24
Received Date
4 November 2021
Revised Date
13 December 2021
Accept Date
15 December 2021
Online Available Date
20 December 2021
DOI
10.7172/2353-6845.jbfe.2021.2.1
JEL Code
G12; G14
Publisher
University of Warsaw