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Textauswertung in der Finanzanalyse: Eine Ereignisstudie zum Sentiment in Earnings Calls

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  • Terhardt, Leonie

Abstract

Die vorliegende Arbeit untersucht den Einfluss des Sentiments in Earnings Calls auf die Reaktionen der Finanzmärkte. Ziel ist es zu analysieren, inwiefern der sprachliche Ausdruck in der Präsentation und im Rahmen des Q&A-Segments abnormale Renditen beeinflusst und welche Bedeutung die Informationslage der Investoren dabei hat. Die Untersuchung basiert auf Transkripten von Unternehmen des S&P Composite 1500, deren Tonalität mithilfe finanzspezifischer Lexika erfasst und im Rahmen einer Ereignisstudie ausgewertet wird. Die Ergebnisse der Untersuchung legen nahe, dass insbesondere das Sentiment im Q&A-Teil signifikante unmittelbare Marktreaktionen auslöst, wobei die Fragen der Analysten den größten Einfluss besitzen. Demgegenüber gewinnt das Sentiment der Präsentation in der Driftperiode an Bedeutung und führt häufig zu späteren Korrekturen. Darüber hinaus zeigen Investoren in Bezug auf Unternehmen mit einer höheren Unsicherheit eine erhöhte Sensibilität auf verbale Signale. Die Arbeit leistet einen Beitrag zur Forschung, indem sie zeigt, dass eine kontextspezifische Sentimentmessung zentrale Einblicke für die Bewertung qualitativer Unternehmensinformationen liefert und dabei die Grenzen generischer Textlexika aufzeigt.

Suggested Citation

  • Terhardt, Leonie, 2026. "Textauswertung in der Finanzanalyse: Eine Ereignisstudie zum Sentiment in Earnings Calls," Junior Management Science (JUMS), Junior Management Science e. V., vol. 11(1), pages 43-73.
    • Handle: RePEc:zbw:jumsac:341442
    DOI: 10.5282/jums/v11i1pp43-73
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    References listed on IDEAS

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