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Title: When EU Leaders Speak, the Markets Listen
Authors: Wisniewski, Tomasz P.
Moro, Andrea
First Published: 10-Apr-2014
Publisher: Taylor & Francis (Routledge)
Citation: European Accounting Review, 2014, 23 (4), pp. 519-551 (33)
Abstract: We use content analysis software to examine certain characteristics of communications arising from European Council meetings. These characteristics appear to explain a large proportion of variation in stock returns around the meeting dates. More specifically, stock market investors react favorably when the conclusions and declarations issued by heads of states convey a positive sentiment and demonstrate a stance of moral rectitude. On the other hand, the returns tend to be negative when the communications are obfuscated by an excessive use of abstract words and fixated on regional rather than global issues.
DOI Link: 10.1080/09638180.2014.884931
ISSN: 0963-8180
eISSN: 1468-4497
Version: Post-print
Status: Peer-reviewed
Type: Journal Article
Rights: Archived with reference to SHERPA/RoMEO and publisher website. The Version of Record of this manuscript has been published and is available in European Accounting Review, 2014,
Appears in Collections:Published Articles, School of Management

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