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Predicting Future Earnings Change Using Numeric and Textual Information in Financial Reports

机译:使用财务报告中的数字和文本信息预测未来收益的变化

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摘要

The main propose of this study is to build a more powerful earning prediction model by incorporating risk information disclosed in the textual portion of financial reports. We adopt the single-index model developed by Weiss, Naik and Tsai as a foundation. However, other than the traditionally used numeric financial information, our model adds textual information about risk sentiment contained in financial reports. We believe such a model can reduce specification errors resulting from pre-assuming linear relationship, thus can predict future earnings more accurately. The empirical results show that the modified model does significantly improve the accuracy of earning prediction.
机译:这项研究的主要建议是通过合并财务报告文本部分中披露的风险信息来构建更强大的收入预测模型。我们采用Weiss,Naik和Tsai开发的单指标模型作为基础。但是,除了传统上使用的数字财务信息外,我们的模型还添加了有关财务报告中包含的风险情绪的文本信息。我们相信,这样的模型可以减少由于假设线性关系而导致的规格误差,从而可以更准确地预测未来收益。实证结果表明,改进后的模型确实显着提高了盈利预测的准确性。

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