Author(s)

Dongxiao Wu ¹

Affiliation(s)

¹ Management School, Beijing Union University, Beijing, China

Corresponding Author

Dongxiao Wu

ABSTRACT

This study delves into the connection between the similarity of Management Discussion and Analysis (MD&A) texts and managerial opportunistic stock sales in technology-oriented listed companies in Beijing from 2001 to 2022. The findings reveal that higher MD&A similarity in Beijing's technology companies is associated with an increased likelihood of managerial opportunistic stock sales. This research contributes to mitigating financial risks in Beijing's capital market and provides valuable empirical evidence to support government efforts in fostering the high-quality development of technology enterprises.

KEYWORDS

Managerial opportunistic stock sales; Text similarity; Management Discussion and Analysis; Technology enterprises

CITE THIS PAPER

Dongxiao Wu, Financial Report Similarity and Managerial Stock Sales in Technology Enterprises: Empirical Evidence from Beijing. Information Systems and Economics (2023) Vol. 4: 23-29. DOI: http://dx.doi.org/10.23977/infse.2023.040705.

REFERENCES

[1] Brown, S. J., W. Tucker. 2010. Large-Sample Evidence on Firms' Year-over-Year MD&A Modifications. Journal of Accounting Research, 49(2): 309-346.
[2] Meng, Q., Y. Yang, B. Lu. 2017. Information Content of Financial Reporting Disclosure and Stock Price Crash Risk - A Study based on Text Vectorization Method. China Industrial Economics, 12: 132-150.
[3] Li, S., D. Lin, Y. Wang. 2019. Company Strategic Changes and Audit Fees - Empirical Evidence based on Annual Report Text Similarity. Audit Research, 2019(06): 105-112.
[4] Qian, A., D. Zhu. 2020. Financial Reporting Text Similarity and Regulatory Punishments - Empirical Evidence based on Text Analysis. Accounting Research, 2020(09): 44-58.
[5] Hoberg, G., G. M. Phillips. 2010. Product Market Synergies and Competition in Mergers and Acquisitions: A Text-based Analysis. Review of Financial Studies, 23(10): 3773-3811.
[6] Tetlock, P. C. 2011. All the News That's Fit to Reprint: Do Investors React to Stale Information? The Review of Financial Studies, 24(5): 1481-1512.

Sponsors, Associates, and Links

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• Accounting, Auditing and Finance
  
  
• Industrial Engineering and Innovation Management
  
  
• Tourism Management and Technology Economy
  
  
• Journal of Computational and Financial Econometrics
  
  
• Financial Engineering and Risk Management
  
  
• Accounting and Corporate Management
  
  
• Social Security and Administration Management
  
  
• Population, Resources & Environmental Economics
  
  
• Statistics & Quantitative Economics
  
  
• Agricultural & Forestry Economics and Management
  
  
• Social Medicine and Health Management
  
  
• Land Resource Management
  
  
• Information, Library and Archival Science
  
  
• Journal of Human Resource Development
  
  
• Manufacturing and Service Operations Management
  
  
• Operational Research and Cybernetics