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Don’t you know? They are talking about a revaluation—Market reactions to gains or losses on investment property and earnings call sentiment

Author

Listed:
  • Thomas Kaspereit

Abstract

We show that revaluation gains or losses in accordance with IAS 40 – Investment Property – impact stock price reactions in short windows around announcement dates. Furthermore, the valuation-related sentiment of managers on earnings calls is positively correlated with stock price reactions. We provide two tools to measure valuation-related sentiment that can be useful for investors and analysts: IAS40BERT-sentences, which identifies valuation-related sentences, and IAS40BERT-sentiment, which measures valuation-related sentiment. Managerial sentiment in valuation-related sentences is positively correlated with future revaluation gains or losses when the analysis focuses on sentences with the highest rank in terms of forward-looking features.

Suggested Citation

  • Thomas Kaspereit, 2025. "Don’t you know? They are talking about a revaluation—Market reactions to gains or losses on investment property and earnings call sentiment," ERES eres2025_130, European Real Estate Society (ERES).
    • Handle: RePEc:arz:wpaper:eres2025_130
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    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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