IDEAS home Printed from https://ideas.repec.org/a/eee/ijoais/v38y2020ics1467089520300373.html
   My bibliography  Save this article

An ontological artifact for classifying social media: Text mining analysis for financial data

Author

Listed:
  • Alzamil, Zamil
  • Appelbaum, Deniz
  • Nehmer, Robert

Abstract

In this paper we utilize a structured natural language processing implementation of the Financial Industry Business Ontology (FIBO) to extract financial information from the unstructured textual data of the social media platform Twitter regarding financial and budget information in the public sector, namely the two public-private agencies of the Port Authority of NY and NJ (PANYNJ), and the NY Metropolitan Transportation Agency (MTA). This research initiative uses the Design Science Research (DSR) perspective to develop an artifact to classify tweets as being either relevant to financial bonds or not. We apply a frame and slot approach from the artificial intelligence and natural language processing literature to operationalize this artifact. FIBO provides standards for defining the facts, terms, and relationships associated with financial concepts. We show that FIBO grammar can be used to mine semantic meaning from unstructured textual data and that it provides a nuanced representation of structured financial data. With this artifact, social media such as Twitter may be accessed for the knowledge that its text contains about financial concepts using the FIBO ontology. This process is anticipated to be of interest to bond issuers, regulators, analysts, investors, and academics. It may also be extended towards other financial domains such as securities, derivatives, commodities, and banking that relate to FIBO ontologies, as well as more generally to develop a structured knowledge representation of unstructured data through the application of an ontology.

Suggested Citation

  • Alzamil, Zamil & Appelbaum, Deniz & Nehmer, Robert, 2020. "An ontological artifact for classifying social media: Text mining analysis for financial data," International Journal of Accounting Information Systems, Elsevier, vol. 38(C).
    • Handle: RePEc:eee:ijoais:v:38:y:2020:i:c:s1467089520300373
    DOI: 10.1016/j.accinf.2020.100469
    as

    Download full text from publisher

    File URL: http://www.sciencedirect.com/science/article/pii/S1467089520300373
    Download Restriction: Full text for ScienceDirect subscribers only
    File URL: https://libkey.io/10.1016/j.accinf.2020.100469?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Priyank Gandhi & Tim Loughran & Bill McDonald, 2019. "Using Annual Report Sentiment as a Proxy for Financial Distress in U.S. Banks," Journal of Behavioral Finance, Taylor & Francis Journals, vol. 20(4), pages 424-436, October.
    2. Mattessich, Richard, 2003. "Accounting representation and the onion model of reality: a comparison with Baudrillard's orders of simulacra and his hyperreality," Accounting, Organizations and Society, Elsevier, vol. 28(5), pages 443-470, July.
    3. Adrian LUPASC & Ioana LUPASC & Gheorghe NEGOESCU, 2010. "The Role of Ontologies for Designing Accounting Information Systems," Economics and Applied Informatics, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, issue 1, pages 101-108.
    4. Tim Loughran & Bill Mcdonald, 2016. "Textual Analysis in Accounting and Finance: A Survey," Journal of Accounting Research, Wiley Blackwell, vol. 54(4), pages 1187-1230, September.
    5. Geerts, Guido L., 2011. "A design science research methodology and its application to accounting information systems research," International Journal of Accounting Information Systems, Elsevier, vol. 12(2), pages 142-151.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Konstantinos Sikelis & George E. Tsekouras & Konstantinos Kotis, 2021. "Ontology-Based Feature Selection: A Survey," Future Internet, MDPI, vol. 13(6), pages 1-28, June.
    2. Fábio Albuquerque & Paula Gomes Dos Santos, 2023. "Recent Trends in Accounting and Information System Research: A Literature Review Using Textual Analysis Tools," FinTech, MDPI, vol. 2(2), pages 1-27, April.
    3. Senave, Elseline & Jans, Mieke J. & Srivastava, Rajendra P., 2023. "The application of text mining in accounting," International Journal of Accounting Information Systems, Elsevier, vol. 50(C).

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Bilal Hafeez & M. Humayun Kabir & Udomsak Wongchoti, 2022. "Are retail investors really passive? Shareholder activism in the digital age," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 49(3-4), pages 423-460, March.
    2. Dimitris Anastasiou & Apostolos Katsafados, 2023. "Bank deposits and textual sentiment: When an European Central Bank president's speech is not just a speech," Manchester School, University of Manchester, vol. 91(1), pages 55-87, January.
    3. Meng‐Feng Yen & Yu‐Pei Huang & Liang‐Chih Yu & Yueh‐Ling Chen, 2022. "A Two-Dimensional Sentiment Analysis of Online Public Opinion and Future Financial Performance of Publicly Listed Companies," Computational Economics, Springer;Society for Computational Economics, vol. 59(4), pages 1677-1698, April.
    4. Katsafados, Apostolos G. & Leledakis, George N. & Pyrgiotakis, Emmanouil G. & Androutsopoulos, Ion & Fergadiotis, Manos, 2024. "Machine learning in bank merger prediction: A text-based approach," European Journal of Operational Research, Elsevier, vol. 312(2), pages 783-797.
    5. Katsafados, Apostolos & Anastasiou, Dimitris, 2022. "Short-term Prediction of Bank Deposit Flows: Do Textual Features matter?," MPRA Paper 111418, University Library of Munich, Germany.
    6. Tzomakas, Christos & Anastasiou, Dimitrios & Katsafados, Apostolos & Krokida, Styliani Iris, 2023. "Crisis sentiment and banks’ stock price crash risk: A missing piece of the puzzle?," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 87(C).
    7. Jiao Ji & Oleksandr Talavera & Shuxing Yin, 2018. "The Hidden Information Content: Evidence from the Tone of Independent Director Reports," Working Papers 2018-28, Swansea University, School of Management.
    8. Drago, Carlo & Ginesti, Gianluca & Pongelli, Claudia & Sciascia, Salvatore, 2018. "Reporting strategies: What makes family firms beat around the bush? Family-related antecedents of annual report readability," Journal of Family Business Strategy, Elsevier, vol. 9(2), pages 142-150.
    9. Rolf Uwe Fülbier & Thorsten Sellhorn, 2023. "Understanding and improving the language of business: How accounting and corporate reporting research can better serve business and society," Journal of Business Economics, Springer, vol. 93(6), pages 1089-1124, August.
    10. Kladakis, George & Chen, Lei & Bellos, Sotirios K., 2023. "Ethical bank disclosures and liquidity creation," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 84(C).
    11. Chen, Cathy Yi-Hsuan & Fengler, Matthias R. & Härdle, Wolfgang Karl & Liu, Yanchu, 2022. "Media-expressed tone, option characteristics, and stock return predictability," Journal of Economic Dynamics and Control, Elsevier, vol. 134(C).
    12. Pastwa, Anna M. & Shrestha, Prabal & Thewissen, James & Torsin, Wouter, 2021. "Unpacking the black box of ICO white papers: a topic modeling approach," LIDAM Discussion Papers LFIN 2021018, Université catholique de Louvain, Louvain Finance (LFIN).
    13. John M. Barrios, 2022. "Occupational Licensing and Accountant Quality: Evidence from the 150‐Hour Rule," Journal of Accounting Research, Wiley Blackwell, vol. 60(1), pages 3-43, March.
    14. Ostapenko, Nataliia, 2020. "Central Bank Communication: Information and Policy shocks," MPRA Paper 101278, University Library of Munich, Germany, revised 21 Jun 2020.
    15. Elsayed, Mohamed & Elshandidy, Tamer, 2021. "Internal control effectiveness, textual risk disclosure, and their usefulness: U.S. evidence," Advances in accounting, Elsevier, vol. 53(C).
    16. Ryan McDonough & Argyro Panaretou & Catherine Shakespeare, 2020. "Fair value accounting: Current practice and perspectives for future research," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 47(3-4), pages 303-332, March.
    17. Chindasombatcharoen, Pongsapak & Chatjuthamard, Pattanaporn & Jiraporn, Pornsit & Treepongkaruna, Sirimon, 2023. "Director age and corporate innovation: Evidence from textual analysis," Journal of Behavioral and Experimental Finance, Elsevier, vol. 37(C).
    18. Xi Fu & Xiaoxi Wu & Zhifang Zhang, 2021. "The Information Role of Earnings Conference Call Tone: Evidence from Stock Price Crash Risk," Journal of Business Ethics, Springer, vol. 173(3), pages 643-660, October.
    19. Stephen J. Smulowitz & Didier Cossin & Hongze Lu, 2023. "Managerial Short-Termism and Corporate Social Performance: The Moderating Role of External Monitoring," Journal of Business Ethics, Springer, vol. 188(4), pages 759-778, December.
    20. Baranowski, Paweł & Doryń, Wirginia & Łyziak, Tomasz & Stanisławska, Ewa, 2021. "Words and deeds in managing expectations: Empirical evidence from an inflation targeting economy," Economic Modelling, Elsevier, vol. 95(C), pages 49-67.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:ijoais:v:38:y:2020:i:c:s1467089520300373. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: https://www.journals.elsevier.com/international-journal-of-accounting-information-systems/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.