Beyond the words - A correlational study of the tone of CEO letters in relation to the stock market performance in Japan, Sweden, and the United States
Previous research has shown the importance of the CEO letter in a company’s annual report, with it being one of the most widely read parts. Despite this, it is compared to most other parts in the annual report not audited, meaning that the CEO can write whatever they see fit without any precautions. Based on this research, the purpose of this study was to analyse whether the tone of reported infor