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Estudamos o impacto do referendo do Brexit em empresas transacionadas na London Stock Exchange (LSE) através da análise de mudanças de certa características das suas narrativas financeiras nomeadamente, o tom, a incerteza, o forward–looking e a causalidade. Usando vários modelos de regressão linear, realizamos uma análise das características referidas a diferentes secções do relatório de gestão (Management Discussion and Analysis – MD&A –, mensagem do Chairman e mensagem do CEO). Enquanto o tom não é explicado pelo referendo, as palavras de incerteza, de forward-looking e de causalidade tornam-se mais frequentes após o voto. Os resultados mostram que as empresas reagiram ao referendo do Brexit e
alteraram o seu discurso em consequência do resultado do voto.
We study the impact of the Brexit referendum on firms listed on the London Stock Exchange (LSE) by analysing the changes in some characteristics of their financial narratives, namely, tone, uncertainty, forward–looking and causal language. Using a multivariate model, we analyse these features on different sections of the management report (e.g. Management Discussion and Analysis, Chairman message and CEO message). While tone is not explained by the referendum, uncertainty, forward-looking and causal words become more frequent after the vote. Our results confirm companies reacted to the Brexit referendum and change their discourse as a consequence of the vote outcome.
We study the impact of the Brexit referendum on firms listed on the London Stock Exchange (LSE) by analysing the changes in some characteristics of their financial narratives, namely, tone, uncertainty, forward–looking and causal language. Using a multivariate model, we analyse these features on different sections of the management report (e.g. Management Discussion and Analysis, Chairman message and CEO message). While tone is not explained by the referendum, uncertainty, forward-looking and causal words become more frequent after the vote. Our results confirm companies reacted to the Brexit referendum and change their discourse as a consequence of the vote outcome.
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Referendo do Brexit Tom Incerteza Forward–looking Causalidade Empresas financeiras e não financeiras Brexit referendum Natural language processing Tone Uncertainty Forward–looking Causality Financial and non–financial firms