Empirical Analysis of the Annual Reports

The inclusion of textual characteristics within the framework of the Ohlson value relevance model marks a significant advancement in financial research. This evolution reflects a recognition of the important role that corporate disclosures play in the financial markets. Incorporating textual measures into the OM can provide a more comprehensive understanding of how the interplay between quantitative and qualitative information shapes financial markets. By accounting for the potential effects of disclosure tone, researchers can gain valuable insights into the role of narrative in interpreting accounting numbers and, consequently, develop more robust value relevance models.