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Textual Analysis in Accounting and Finance: A Survey

Journal of Accounting Research, Vol. 54, No. 4, 2016

Posted: 27 Apr 2017

See all articles by Tim Loughran

Tim Loughran

University of Notre Dame

Bill McDonald

University of Notre Dame - Mendoza College of Business - Department of Finance

Multiple version iconThere are 2 versions of this paper

Date Written: September 1, 2016

Abstract

Relative to quantitative methods traditionally used in accounting and finance, textual analysis is substantially less precise. Thus, understanding the art is of equal importance to understanding the science. In this survey we describe the nuances of the method and, as users of textual analysis, some of the tripwires in implementation. We also review the contemporary textual analysis literature and highlight areas of future research.

Keywords: Textual analysis; sentiment analysis; bag-of-words; readability; word lists; Zipf’s law; cosine similarity; Naïve Bayes

JEL Classification: D82; D83; G14; G18; G30; M40; M41

Suggested Citation

Loughran, Tim and McDonald, Bill, Textual Analysis in Accounting and Finance: A Survey (September 1, 2016). Journal of Accounting Research, Vol. 54, No. 4, 2016, Available at SSRN: https://ssrn.com/abstract=2959518

Tim Loughran (Contact Author)

University of Notre Dame ( email )

Department of Finance
245 Mendoza College of Business
Notre Dame, IN 46556-5646
United States
574-631-8432 (Phone)
574-631-5255 (Fax)

Bill McDonald

University of Notre Dame - Mendoza College of Business - Department of Finance ( email )

University of Notre Dame
Notre Dame, IN 46556-0399
United States
574-274-2333 (Phone)

HOME PAGE: http://sites.nd.edu/bill-mcdonald

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