Please use this identifier to cite or link to this item: https://scholarbank.nus.edu.sg/handle/10635/222551
Title: AN APPLICATION OF NATURAL LANGUAGE PROCESSING TO MEDIA RELEASES ISSUED BY S-REITS
Authors: YEO YOU JIAN, SAMMEL
Keywords: Real Estate
2018/2019 RE
RE
Ooi Thian Leong Joseph
Issue Date: 24-May-2019
Citation: YEO YOU JIAN, SAMMEL (2019-05-24). AN APPLICATION OF NATURAL LANGUAGE PROCESSING TO MEDIA RELEASES ISSUED BY S-REITS. ScholarBank@NUS Repository.
Abstract: Real estate investment trusts (REITs) listed on the Singapore Exchange (SGX) publish media releases alongside financial results several weeks after the end of an accounting period to report their financial performance on the previous accounting period. The published media releases serve as a principal platform whereby REITs relay key financial information to the investment community. It is noteworthy that REITs make many choices regarding how their media releases are written, especially since investor relations professionals have the discretion to determine which corporate information to include. Therefore, the objective of this research is to investigate and understand better the significance of media releases as an informational medium. As such, the research question examines if the way in which media releases are written affects REIT investors. This research will undertake the hypotheses that tone, total number of words, amount of quantitative information, and average number of characters per word of media releases affect how REIT investors respond to media releases. Through a study comprising of two parts, the research question is investigated. The first part discusses the category of media releases in detail, through analyzing a selection of media releases issued by REITs listed on SGX. The analysis reveals that in these media releases, several promotion-oriented techniques are so subtle as to be indiscernible. This supports a common observation in corporate communication literature that media releases exhibit a potential dual informational-promotional role. The second part investigates the financial influence of tone, total number of words, amount of quantitative information, and average number of characters per word of media releases on REIT investors. The results suggest that tone and average number of characters per word of media releases had an impact on REIT investors, as supported by investor response. As the tone of the media releases became more positive, it was noted that cumulative abnormal return increased as well. The same was also observed in the case of media releases that saw an increase in its average number of characters per word. Somewhat weaker findings also reveal that media releases with a higher average number of characters per word might boost the financial influence of unexpected earnings. Somewhat weaker findings also found that media releases comprising a higher amount of quantitative information might reduce the financial influence of unexpected earnings.
URI: https://scholarbank.nus.edu.sg/handle/10635/222551
Appears in Collections:Bachelor's Theses

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