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Shareholder letters on Oslo Børs : a textual analysis of shareholders letters from companies listed on Oslo Børs

Knudsen, Joakim; Kolsgaard, Even
Master thesis
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URI
https://hdl.handle.net/11250/2736281
Date
2020
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  • Master Thesis [3375]
Abstract
This study looks at the characteristics of the shareholder letter from companies listed

on Oslo Børs and the relationship between sentiment and future financial performance.

Regarding the characteristics, we have investigated the informativeness and the use of

impression management by looking at sentiment development, similarity, writing style and

the correlation between sentiment and past performance. Quintile portfolios sorted on

the sentiment were created to investigate the relationship between sentiment and future

performance. Our analysis shows that the shareholder letter usually follows the same

structure and that the financial performance is reported honestly, to a certain degree.

We also find evidence of impression management techniques, such as increased sentiment

at the end of the letter. Regarding our second objective, do we not find any apparent

relationship between the sentiment and future stock price. Therefore, we conclude that

the shareholder letter may be a worthwhile read, but to blindly use the sentiment of the

shareholder letter as an indicator of future performance, does not seem to be a good idea.

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