The Effect of Infomation on Financial Markets: A Survey

Researchers in finance have since long ago been attempting to quantify information, and assess its impact on financial markets. Recent advances in computational linguistics, natural language processing, machine learning and econometrics, along with improved data access to media articles, online discussions and social networks, have enabled researchers to apply such techniques in multiple fields of financial research. The applications include (but are not limited to): the effect of media columns and online discussions on stock prices, the relationship between media coverage and institutional trading, the effect of media during mergers and acquisitions (M&As), and initial public offerings (IPOs). The paper surveys a key part of the literature, and discusses possibilities for further research

The Effect of Information on Financial Markets: A Survey

Researchers in finance have since long ago been attempting to quantify information, and assess its impact on financial markets. Recent advances in computational linguistics, natural language processing, machine learning and econometrics, along with improved data access to media articles, online discussions and social networks, have enabled researchers to apply such techniques in multiple fields of financial research. The applications include (but are not limited to): the effect of media columns and online discussions on stock prices, the relationship between media coverage and institutional trading, the effect of media during mergers and acquisitions (M&As), and initial public offerings (IPOs). The paper surveys a key part of the literature, and discusses possibilities for further research

The Effect of Information on Financial Markets: A Survey

Researchers in finance have since long ago been attempting to quantify information, and assess its impact on financial markets. Recent advances in computational linguistics, natural language processing, machine learning and econometrics, along with improved data access to media articles, online discussions and social networks, have enabled researchers to apply such techniques in multiple fields of financial research. The applications include (but are not limited to): the effect of media columns and online discussions on stock prices, the relationship between media coverage and institutional trading, the effect of media during mergers and acquisitions (M&As), and initial public offerings (IPOs). The paper surveys a key part of the literature, and discusses possibilities for further research

High Frequency Newswire Textual Sentiment: Evidence from international stock markets during the European Financial Crisis

Textual analysis is performed in a total of 13145 high frequency (intraday) news: 6536 news from the Dow Jones Newswires and 6609 news from the Thomson Reuters Newswires. Selected news are Euro-periphery (Portugal, Ireland, Italy, Greece, Spain) crisis-related news which contain a number of keywords in their content and their title. News pessimism as a product of textual analysis sentiment significantly and negatively affects stock returns (an increase in news pessimism is associated with lower stock prices). Media pessimism does not only affect the crisis-hit Euro-periphery countries but also European (Germany, France, Austria, Belgium, Finland, UK, Switzerland, Norway) and overseas (Brazil, Canada, US Dow Jones, US S&P, Japan, China) stock markets. Stock markets can be very fast when "absorbing" the shocks of media pessimism. Even small time frames such as 30-minutes can be enough for stock prices to be negatively affected by a higher media pessimism. The results are significant in the sense that they provide quantitative evidence that individual countries in crisis can indeed affect not only their own stock markets, not only markets close to them, but also overseas markets from both sides of the globe. The media (and especially newswires which release news with extreme speeds and coverage) provide a channel through which "bad" news are instantaneously circulated and provide worldwide "shocks" to stock prices in extremely small time windows (even 30 minutes). If one takes into account the number of news examined (13145), small shocks can ultimately add up to pretty significant losses for all parties involved (individual investors, funds, corporations, nations). Stock market shocks from Athens, Lisbon, Madrid, Dublin and Rome are "felt" quite fast not only in Berlin, Paris, Vienna, London and Zurich, but also in New York, Toronto, Tokyo and Hong Kong

Institutional Investors, Annual Reports, Textual Analysis and Stock Returns: Evidence from SEC EDGAR 10-K and 13-F Forms

I analyze 18510 SEC EDGAR Form 10-K (annual reports), for NASDAQ, NYSE and AMEX (NYSE MKT) stocks, from 1999 until 2015, along with 176565 SEC EDGAR Form 13-F (quarterly reports of institutional investors holdings). I find that (i) 10-K pessimism negatively affects stock holdings after the filing (ii) institutions do not appear to have forecasting power as to how pessimistic the annual report will be, as they do not adjust their holdings in the pessimistic stocks before the 10-K filing takes place, (iii) an increase in the number of institutional investors that hold a stock leads to an increase in stock prices after the 10-K filing (iv) institutions increase their positions in stocks that had positive returns one (1) to twelve (12) months before the 10-K filing

Institutional Investors, Annual Reports, Textual Analysis and Stock Returns: Evidence from SEC EDGAR 10-K and 13-F Forms

I analyze 18510 SEC EDGAR Form 10-K (annual reports), for NASDAQ, NYSE and AMEX (NYSE MKT) stocks, from 1999 until 2015, along with 176565 SEC EDGAR Form 13-F (quarterly reports of institutional investors holdings). I find that (i) 10-K pessimism negatively affects stock holdings after the filing (ii) institutions do not appear to have forecasting power as to how pessimistic the annual report will be, as they do not adjust their holdings in the pessimistic stocks before the 10-K filing takes place, (iii) an increase in the number of institutional investors that hold a stock leads to an increase in stock prices after the 10-K filing (iv) institutions increase their positions in stocks that had positive returns one (1) to twelve (12) months before the 10-K filing

The Effect of Infomation on Financial Markets: A Survey

Researchers in finance have since long ago been attempting to quantify information, and assess its impact on financial markets. Recent advances in computational linguistics, natural language processing, machine learning and econometrics, along with improved data access to media articles, online discussions and social networks, have enabled researchers to apply such techniques in multiple fields of financial research. The applications include (but are not limited to): the effect of media columns and online discussions on stock prices, the relationship between media coverage and institutional trading, the effect of media during mergers and acquisitions (M&As), and initial public offerings (IPOs). The paper surveys a key part of the literature, and discusses possibilities for further research

An investigation of cointegration and casualty relationships between the PIIGS’ stock markets

The aim of this paper is to investigate the relationship of price changes in the southern European E.U. member states through their stock markets and especially among the exchange markets of Portugal, Italy, Ireland, Greece and Spain, known also as the PIIGS countries. More specifically, it is examined whether cointegration and causality relationships exists among the PIIGS’ Stock Markets while by testing these relationships the existence of the Efficient Market Hypothesis (EMH) among these stock markets is also tested. In case of cointegration relationships between these markets it is proved that possible advantages by internationalizing portfolio diversification are limited and further attention must be given for the selection of an internationalized optimal portfolio. It is also wealth mentioning that since 2012 Europe faces a serious economic crisis which is deeper in the member states of the South, so even further attention must be given to the construction of optimal portfolios.peer-reviewe

Correction to: Two years later: Is the SARS-CoV-2 pandemic still having an impact on emergency surgery? An international cross-sectional survey among WSES members

Background: The SARS-CoV-2 pandemic is still ongoing and a major challenge for health care services worldwide. In the first WSES COVID-19 emergency surgery survey, a strong negative impact on emergency surgery (ES) had been described already early in the pandemic situation. However, the knowledge is limited about current effects of the pandemic on patient flow through emergency rooms, daily routine and decision making in ES as well as their changes over time during the last two pandemic years. This second WSES COVID-19 emergency surgery survey investigates the impact of the SARS-CoV-2 pandemic on ES during the course of the pandemic. Methods: A web survey had been distributed to medical specialists in ES during a four-week period from January 2022, investigating the impact of the pandemic on patients and septic diseases both requiring ES, structural problems due to the pandemic and time-to-intervention in ES routine. Results: 367 collaborators from 59 countries responded to the survey. The majority indicated that the pandemic still significantly impacts on treatment and outcome of surgical emergency patients (83.1% and 78.5%, respectively). As reasons, the collaborators reported decreased case load in ES (44.7%), but patients presenting with more prolonged and severe diseases, especially concerning perforated appendicitis (62.1%) and diverticulitis (57.5%). Otherwise, approximately 50% of the participants still observe a delay in time-to-intervention in ES compared with the situation before the pandemic. Relevant causes leading to enlarged time-to-intervention in ES during the pandemic are persistent problems with in-hospital logistics, lacks in medical staff as well as operating room and intensive care capacities during the pandemic. This leads not only to the need for triage or transferring of ES patients to other hospitals, reported by 64.0% and 48.8% of the collaborators, respectively, but also to paradigm shifts in treatment modalities to non-operative approaches reported by 67.3% of the participants, especially in uncomplicated appendicitis, cholecystitis and multiple-recurrent diverticulitis. Conclusions: The SARS-CoV-2 pandemic still significantly impacts on care and outcome of patients in ES. Well-known problems with in-hospital logistics are not sufficiently resolved by now; however, medical staff shortages and reduced capacities have been dramatically aggravated over last two pandemic years