“Our communication is all about facts. However, we face a lack of evidence on how investors perceive them.”
Head of Corporate Communications

Our methodology


Data collection
Our advanced algorithms collect company-specific capital market disclosures. We then pre-process the financial disclosures such that they are compatible with our language processor. In addition, we match each single disclosure with the corresponding abnormal stock return.


Machine learning algorithm
Our proprietary machine learning algorithm extracts those words from stock market updates that are relevant and causally influence stock price movements. We then calculate a Tonality score to reflect the investor perception of the relevant words.


Tonality of words
Our algorithms generate a list of relevant words for investors. Each of these words has an associated Tonality score which describes how positively or negatively investors perceive this word in capital market communications.

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