We clarify the information value of changes in the textual information of analyst reports. The analyses reveal that stock prices react considerably to changes in the linguistic tone of reports. In addition, prices react asymmetrically to the levels and changes of report tone, overreact to the levels, and underreact to changes. Our evidence suggests that a change in the textual tone provides incremental information that investors overlook, supporting the informational value of changes in textual information.

中文翻译：

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水平与变化：文本信息的信息内容

我们阐明了分析报告文本信息变化的信息价值。分析表明，股票价格对报告语言基调的变化反应很大。此外，价格对水平和报告基调的变化反应不对称，对水平反应过度，对变化反应不足。我们的证据表明，文本基调的变化提供了投资者忽视的增量信息，支持文本信息变化的信息价值。