References
- Christensen, H. B., L. Hail, and C. Leuz 2019. Economic analysis of widespread adoption of CSR and sustainability reporting standards. Working paper.
- Davis, A. K., W. Ge, D. Matsumoto, and J. L. Zhang. 2015. The effect of manager-specific optimism on the tone of earnings conference calls. Review of Accounting Studies 20 (2):639–73. doi:https://doi.org/10.1007/s11142-014-9309-4.
- Dempsey, S. J., D. M. Harrison, K. F. Luchtenberg, and M. Seiler. 2012. Financial opacity and firm performance: The readability of REIT annual reports. The Journal of Real Estate Finance and Economics 45 (2):450–70. doi:https://doi.org/10.1007/s11146-010-9263-2.
- Dyer, T., M. Lang, and L. Stice-Laurence. 2017. The evolution of 10-K textual disclosure: Evidence from latent dirichlet allocation. Journal of Accounting and Economics 64 (2–3):2–3. doi:https://doi.org/10.1016/j.jacceco.2017.07.002.
- Efretuei, E. 2020. Year and industry-level accounting narrative analysis: Readability and tone variation. Journal of Emerging Technologies in Accounting. doi:https://doi.org/10.2308/JETA-18-12-21-26.
- Engelhardt, N., M. Krause, D. Neukirchen, and P. Posch. 2020. What drives stocks during the Corona-Crash? News attention vs. rational expectation. Sustainability 12 (12):5014. doi:https://doi.org/10.3390/su12125014.
- Ertugrul, M., J. Lei, J. Qiu, and C. Wan. 2017. Annual report readability, tone ambiguity, and the cost of borrowing. Journal of Financial and Quantitative Analysis 52 (2):811–36. doi:https://doi.org/10.1017/S0022109017000187.
- Francis, J., R. LaFond, P. Olsson, and K. Schipper. 2005. The market pricing of accruals quality. Journal of Accounting and Economics 39 (2):295–327. doi:https://doi.org/10.1016/j.jacceco.2004.06.003.
- FTSE Classification of Equity Markets. September 2020.
- Gould, S., and C. Arnold 2020. The financial reporting implications of COVID-19.
- Hasan, M. M. 2020. Readability of narrative disclosures in 10-K reports: Does managerial ability matter? European Accounting Review 29 (1):147–68. doi:https://doi.org/10.1080/09638180.2018.1528169.
- Hatmanu, M., and C. Cautisanu. 2021. The impact of COVID-19 pandemic on stock market: Evidence from Romania. International Journal of Environmental Research and Public Health 18 (17):9315. doi:https://doi.org/10.3390/ijerph18179315.
- Hofmann, M., and R. Klinkenberg. 2014. RapidMiner: Data mining use cases and business analytics applications. London: CRC Press.
- Jaafar, M. S., and K. Hussainey. 2012. Accruals quality visa-vis disclosure quality: Substitutes or complements? British Accounting Review 44 (1):36–46. doi:https://doi.org/10.1016/j.bar.2011.12.004.
- Jiang, L., J. Pittman, and W. Saffar. 2019. Policy uncertainty and textual disclosure. SSRN Paper.
- Lang, M. H., and L. Stice-Lawrence. 2015. Textual analysis and international financial reporting: Large sample evidence. Journal of Accounting & Economics 60 (2):110–35. doi:https://doi.org/10.1016/j.jacceco.2015.09.002.
- Lee, F. C. 2019. Financial econometrics, mathematics ans statistics. New York, NY 10013, U.S.A: Springer.
- Leuz, C., and P. Wysocki. 2016. The economics of disclosure and financial reporting regulation: Evidence and suggestions for future research. Accounting Research 54:525–622.
- Li, F. 2008. Annual report readability, current earnings, and earnings persistence. Journal of Accounting and Economics 45 (2–3):221–47. doi:https://doi.org/10.1016/j.jacceco.2008.02.003.
- Li, J., G. Li, X. Zhu, and Y. Yao. 2020. Identifying the influential factors of commodity futures prices through a new text mining approach. Quantitative Finance 20 (12):1967–81. doi:https://doi.org/10.1080/14697688.2020.1814008.
- Lim, E. K. Y., K. Chalmers, and D. Hanlon. 2018. The influence of business strategy on annual report readability. Journal of Accounting and Public Policy 37 (1):65–81. doi:https://doi.org/10.1016/j.jaccpubpol.2018.01.003.
- Lo, K., F. Ramos, and R. Rogo. 2017. Earnings management and annual report readability. Journal of Accounting and Economics 63 (1):1–25. doi:https://doi.org/10.1016/j.jacceco.2016.09.002.
- Loughran, T., and B. McDonald. 2011. When is a liability not a liability? Textual analysis, dictionaries, and 10-Ks. The Journal of Finance LXVI (I):35–65.
- Loughran, T., and B. McDonald. 2013. IPO first-day returns, offer price revisions, volatility, and form S-1 language. Journal of Financial Economics 109 (2):307–26. doi:https://doi.org/10.1016/j.jfineco.2013.02.017.
- Loughran, T., and B. McDonalld. 2016. Textual analysis in accounting and finance: A survey. Journal of Accounting Research 54:4. doi:https://doi.org/10.1111/1475-679X.12123.
- Merkl-Davies, D. M., and N. M. Brennan. 2017. A theoretical framework of external accounting communication: Research perspectives, traditions, and theories. Accounting, Auditing & Accountability Journal 30 (2):433–69. doi:https://doi.org/10.1108/AAAJ-04-2015-2039.
- Miller, B. P. 2010. The effects of reporting complexity on small and large investor trading. The Accounting Review 85 (6):2107–43. doi:https://doi.org/10.2308/accr.00000001.
- Oskouei, Z. H., and Z. H. Sureshjani. 2021. Studying the relationship between managerial ability and real earnings management in economic and financial crisis conditions. International Journal of Finance & Economics 26 (3):4574–89. doi:https://doi.org/10.1002/ijfe.2031.
- Tetlock, P. C., M. Saar-Tsechansky, and S. Macskassy. 2008. More than words: Quantifying language to measure firms’ fundamentals. The Journal of Finance 63 (3):1437–67. doi:https://doi.org/10.1111/j.1540-6261.2008.01362.x.
- Wall Street. 2019. Bucharest Stock Exchange, the Highest Increase in the World in 2019.
- Wang, V., and B. Xing. 2020. Battling uncertainty: Corporate disclosures of COVID-19 in earnings conference calls and annual reports. SSRN Papers.
- Wooldridge, J. M. 2010. Econometric analysis of cross section and panel data. USA: The Mit Press.