2022
DOI: 10.1016/j.frl.2022.102917
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Does managerial tone matter for stock liquidity? Evidence from textual disclosures

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Cited by 15 publications
(2 citation statements)
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“…After referring to the previous literature [ 2 , 8 , 9 , 33 , 34 ] and synthesizing the practices of these literatures, we selected a series of control variables, including the percentage of shares held by the largest shareholder, the percentage of shares held by institutional investors, the gearing ratio, company size, the inverse of the share price, cmpany age, the percentage of independent directors, and the stock return volatility. Also, industry-level fixed effects, and industry fixed effects are controlled for.…”
Section: Methodsmentioning
confidence: 99%
See 1 more Smart Citation
“…After referring to the previous literature [ 2 , 8 , 9 , 33 , 34 ] and synthesizing the practices of these literatures, we selected a series of control variables, including the percentage of shares held by the largest shareholder, the percentage of shares held by institutional investors, the gearing ratio, company size, the inverse of the share price, cmpany age, the percentage of independent directors, and the stock return volatility. Also, industry-level fixed effects, and industry fixed effects are controlled for.…”
Section: Methodsmentioning
confidence: 99%
“…The contributions of this study are mainly three points: First, existing studies focus on the effects of voluntary disclosure, management tone, and annual report readability on stock liquidity [ [7] , [8] , [9] ]. Less literature deals with the impact of the level of textual information disclosure on stock liquidity.…”
Section: Introductionmentioning
confidence: 99%