Froemel, Pascal and Kolmeder, Severin and Wagner, Dominik (2023) Where prices are not lazy: Evidence from REITs and the financial sector. FINANCE RESEARCH LETTERS, 53: 103601. ISSN 1544-6123, 1544-6131
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This study investigates information processing and return predictability from reporting textual uniqueness. Latest research describes a positive link between changes in financial reports and future returns for corporates in general. In this context, we exploit the unique homogeneity of U.S. Real Estate Investment Trusts (REITs) and find no significant impact of textual uniqueness on future returns, suggesting efficient processing of financial information in this environment. The effect of reporting textual uniqueness for firms from the financial sector is, albeit small, apparent. We argue that the documented strong effects cannot be readily generalized and may be dependent on the observed industry.
| Item Type: | Article |
|---|---|
| Uncontrolled Keywords: | INFORMATION-CONTENT; TEXT; STATEMENTS; EARNINGS; TONE; Information processing; Market efficiency; REITs; Financial institutions |
| Subjects: | 300 Social sciences > 330 Economics |
| Divisions: | Business, Economics and Information Systems > Institut für Betriebswirtschaftslehre > Lehrstuhl für Immobilienfinanzierung (Prof. Dr. Steffen Sebastian) Business, Economics and Information Systems > Institut für Immobilienenwirtschaft / IRE|BS > Lehrstuhl für Immobilienfinanzierung (Prof. Dr. Steffen Sebastian) Business, Economics and Information Systems > Institut für Immobilienenwirtschaft / IRE|BS |
| Depositing User: | Dr. Gernot Deinzer |
| Date Deposited: | 30 Jan 2024 16:15 |
| Last Modified: | 30 Jan 2024 16:15 |
| URI: | https://pred.uni-regensburg.de/id/eprint/59290 |
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