Financial Journalism in the Post-Crisis Era

ONLINE APPENDIX

NEWS MEDIA AND THE STOCK MARKET:

ASSESSING MUTUAL RELATIONSHIPS

An Interdisciplinary Multi-Method Study of Financial Journalism, News Media, Emotions, Market Events and the Stock Market

Nadine Strauß Chapter 2

Financial Journalism in the Post-Crisis Era APPENDIX 2.1

Semi-Structured Interview Guides

Interview Guide for Financial Journalists

A) Interviewee Details

1. Name: 2. Age: 3. Newspaper outlet: 4. Position at current news outlet: 5. Journalist for which section: 6. Years of experience at current job:

B) Production of Financial News 1. How does the process of writing a financial news article look like? a. How do you gain information, inspirations for an article? b. What/who are your sources? c. Do you do interviews? With whom? d. Do you consult online sources, other media sources, news wire sources, blogs? e. Do you use corporate information? IR professionals, press releases, corporate reports? f. Are you in contact with the financial market (e.g., traders, analysts, brokers)? 2. After you have collected your information for an article, how does the process until the publication of a financial news article look like? a. Do you double-check sources? b. How do sources influence what you can/allowed to write? c. How does the process of writing look like (e.g., oriented towards agency reports, episodic vs. thematic)? d. How much influence has the editing on the final financial news article? e. To what extent are guidelines or politics of the news outlet influencing the final appearance of the financial news article (e.g., due to advertisement clients, personal relations, etc.)? 3. What happens after an article has been released? a. Do you usually experience reactions on the financial markets? b. In what way do financial actors contact you as a reaction to your financial news reporting? c. How do you deal with that criticism? 4. In general, what are you reporting on mostly in the financial news section? a. Do you report on corporate news (e.g., financial results, M&A, lawsuits, crises, etc.)? b. Or do you rather focus on general economic news (e.g., regional, national, international)?

C) Time Pressure 1. On average, how much time do you have to produce/write a financial news article? c. According to your perception, has this time pressure increased/changed over the past 5-10 years? d. To what extent is financial news produced automatically nowadays, based on your experience? e. Is there more to expect? f. How do you feel about that? g. Do you think that this might change the role as a financial journalist? h. Or the future of financial news?

D) Role Perceptions 1. Talking about your role perception, how do you perceive your role as a financial journalist? a. Do you perceive yourself as a watchdog or rather as a laptop of the financial markets? b. Why do you think it is important to report on the financial markets? 2. How would you describe your influence as a financial journalist on the financial markets? a. Do you think that your reporting and the comments/analyses that you give in articles are influencing the financial markets? b. Who do you think is the majority of your readers? 3. Do you see yourself limited in the scope of what you are able to write, maybe due to limited knowledge or background information on the financial markets? a. What is your educational background concerning finance/business topics? b. How did you learn about the financial markets?

E) Relation with the Financial Market 1. Talking about the financial markets, how would you describe your relation with the financial market? a. Are you in direct or daily contact with traders, investors, financial analysts? b. How does the information exchange look like (e.g., per phone, email)? c. Do you feel comfortable talking with financial market actors? 2. How would you describe the dynamics between you, a financial journalist, and them, the financial market actors? a. Do you think they can be trusted? b. To what extent do you feel dependent on their information? c. Have you made bad experiences with these market actors (e.g., during the financial crisis)? Interview Guide for Investor Relations Professionals

7. Name: 8. Age: 9. Company: 10. Position at current company: 11. Years of experience at current job:

B) Relevance of Financial News . What is the role of financial news for your job as an IR professional? a. Why is financial news important for IR? b. Which financial news is important in particular (e.g., specific outlets, print, online, social media, blogs, TV, etc.)? . Have you experienced any changes of the role of financial news for your job as an IR professional in the past 5-10 years? a. Financial news is increasingly produced automatically and in real time. How does this impact your daily job? Have you experienced any changes with regard to your daily job activities? b. Does high-frequency trading have an influence on your daily IR work?

C) Relation with Financial News/Financial Journalists 1. How would you describe your relation as an IR professional with financial news outlets (specific outlets/ in general)? a. Are there differences among financial news outlets? b. Would you describe these relations as rather hostile or cooperative? 2. How does the contact with financial journalists look like? a. Do you have particular financial journalists with whom you are in direct/daily contact? b. How does the daily/regular contact look like? c. How does this relation differ in times of crises/critical times? d. In what way do you think you can trust financial journalists? 3. Are there other channels (except the financial news) through which you communicate with your stakeholders? a. What/who are these channels? b. How do you communicate with your stakeholders through these channels? 4. Who would you say is the main audience you are communicating with/to?

D) Relation with Financial Market (Traders/Investors/Analysts) 1. What role does the financial market play for you as an IR professional for your daily work? a. Who is your main target group on the financial market? b. What role does the stock market price play (e.g., for the company you do IR)? c. In what way do you think your work influences the stock market prices of the companies you do IR for? d. Is your work/performance of IR communications measured by the stock market price? . How would you describe your relations with financial analysts or the financial community? a. How do you communicate with financial analysts (e.g., via financial news media, email, phone, face-to-face)? b. How do you manage the expectations of shareholders/financial professionals (e.g., via media, roadshows, personal talks, etc.)? c. To what extent do you try to influence their expectations/evaluations of the company you do IR for?

E) Role Perception . In general, how would you describe your role as an IR professional? a. To what extent do you have an influence on the IR strategy of companies? b. In what way do you think your work has a (positive) impact for the companies you work for (e.g., performance, reputation, etc.)? c. What are your thoughts on how the role as an IR professional has changed with the rise of social media/or in general, in the past years? . How would you describe the future of IR professionals? Interview Guide for Investors

12. Name: 13. Age: 14. Company: 15. Position at current job: 16. Years of experience at current job:

B) Consumption of Financial News 1. What role does financial news play for your daily work? a. What kind of financial news do you consume? b. Can you name news that you use on a daily basis (e.g., Financial Times, WSJ, Bloomberg, Reuters)? c. Through which channel do you consume financial news (e.g., online, Bloomberg terminal, news wire services, newspaper, magazines, Twitter, blogs, etc.)? d. How often do you usually read the financial news (e.g., on a daily basis, checking several times a day, only in the morning, constantly, etc.)? e. Are there opinion leaders on the financial market that you think – “they have to be followed” (e.g., blog “The Street”, or the FT)? f. To what extent – and why – do you think these outlets are influential for the market? 2. What kind of information from financial news is most valuable for your trading decisions? a. Can you think of specific characteristics that make a news item more important for your trading decisions than others? b. Are commentaries in the financial news more valuable than regular news reports? c. Do you follow the news when market indicators are released (e.g., CPI, unemployment rate, GDP, FED decisions, etc.)?

C) Influence on Trading Decisions 1. In general, how would you say does financial news influence your trading decisions? a. How would you describe your trading strategy? Are you following the news, fundamentals, or algorithms? b. To what extent does the release of company information via financial news play a role for your trading decisions? c. Are there differences between information on small vs. large companies? d. Is there a specific time when financial news is more influential than normally (e.g., quarterly results, Fed decisions, high volatility, crises, etc.)? 2. And now NOT talking about yourself, how do you think does financial news influence other investors? a. What financial information, do you think, is most influential to influence the broader market/consensus opinion? b. Does their reactions play a role for your trading activities? c. Do you observe others’ trading decisions based on the release of financial news? d. And if so, in what way do you observe them? Can you describe this process a little bit more in detail? 3. High frequency trading (HFT) and algorithmic trading (At) are recent developments on the financial market and make up a large share of today’s daily trading. To what extent are you involved in this sort of trading? a. Although it seems that everything is automized with HFT and AT, according to your experience, does financial news also play a role here? b. To what extent is HFT and AT based on financial news? 4. Where do you see the future of trading? a. Do you think HFT and AT will become more important?

D) Relation with Financial Media/Journalists 1. How would you describe your relation towards financial news/financial journalists? a. In general, how do you interact with financial news/financial journalists (daily, occasionally, via email, phone, face-to-face)? 2. How do you think about financial news/financial journalists? a. Do you think they understand what you are trying to tell them? b. Do you trust financial journalists? 3. Now, I just wanted to remind you that this is all anonymous. Being honest, do you always tell the truth when you are talking with financial news/financial journalists? a. Can you think of an example/incident where you tried to influence the financial media to cover a story in a certain way (e.g., specific analysis, assessment of stocks/industry)?

E) Relation with Investor Relations Professionals 1. How would you describe your relations with investor relations professionals? a. Are you in daily, regular contact with IR professionals? b. How does the information exchange look like? c. Would you describe the relation as rather hostile or cooperative? 2. Do you sometimes feel that IR is influencing your work? If so, in what way? a. Is the information that IR professionals provide you with useful for your work? b. What kind of strategies do IR professionals use to convince you of certain messages/evaluations of companies? c. Are they successful with these strategies? d. How do you deal with them, knowing that they have a certain agenda? APPENDIX 2.2

Survey Questions

A) Role Perceptions (adjusted from Skovsgaard et al., 2013) 1. Here is a list of things that the media do or try to do today. How important do you think each of the following things should be in financial journalistic work? (randomized; 1: not at all important – 7: very much important) . Investigate claims and statements from the government. [watchdog] . Be the devil’s advocate vis-á-vis public officials. [watchdog] . Provide analysis and interpretation of complex problems. [watchdog] . Be the devil’s advocate vis-á-vis business. [watchdog] . Be a representative of the public and ask questions on its behalf. [watchdog] . Discuss policy proposals while they are still being developed. [watchdog] . Motivate ordinary people to engage in the public debate on important societal issues. [public forum] . Give ordinary people a chance to express their views on public affairs. [public forum] . Mirror the public opinion neutrally. [passive mirror] . Lead people towards solutions to society’s problems. [public mobilizer]

B) Relationship Characteristics with Other Actors 1. In terms of cooperation, how would you describe your relationship with the following market actors on average? (1: not at all cooperative – 7: very much cooperative) . Financial analysts . Institutional investors . Investor relations professionals 2. In terms of dependency, how would you describe your relationship with the following market actors on average? (1: very much independent from each other – 7: very much dependent on each other) . Financial analysts . Institutional investors . Investor relations professionals 3. On average, to what extent do you think you can trust the following market actors? (1: not at all – 7: very much) . Financial analysts . Institutional investors . Investor relations professionals 4. In general, to what extent do you feel comfortable talking to the following market actors? . Financial analysts . Institutional investors . Investor relations professionals C) Sources (partly based on Oberlechner & Hocking, 2004) 1. On average, how important are the following human sources for you when writing a financial news article? (1: not at all important – 7: very much important) . Professionals from investment institutes (e.g., asset management, fonds management, insurance) . Financial analysts . Brokers . Executives of companies (e.g., CEO, CFO) . Opinion leaders (e.g., bloggers, financial experts) . Public sector personnel (e.g., SEC, political parties, associations) . Federal Reserve Systems (Fed) employees . Colleagues from the same news organization . Colleagues from other news organizations . Investor relations professionals . Public relations professionals . Lawyers 2. On average, how important are the following news media sources for you when writing a financial news article? (1: not at all important – 7: very much important) . Bloomberg terminal . Reuters terminal . Other wire services (in general) . Daily newspapers: national . Daily newspapers: international . Daily newspapers: regional . Financial newspapers . Magazines and journals . Financial television . Financial online news . Other online news media . Blogs . Social media (e.g., Twitter) 3. On average, how important are the following corporate sources for you when writing a financial news article? (1: not at all important – 7: very much important) . Press conferences (e.g., annual meetings) . Conference calls . Webcasts . IR websites . IR newsletters . Corporate press releases . Corporate reports (e.g., annual earnings report) . Corporate social media (e.g., Twitter, YouTube) . Corporate media outlets (e.g., magazines) 4. On average, how important are the following other sources for you when writing a financial news article? (1: not at all important – 7: very much important) . Financial analyst reports . SEC filings . Federal Reserve Systems (Fed) releases . Governmental information (e.g., briefings, press conferences) . Economic data bases (e.g., CPI, GDP, Fed rate) . Historical market data (e.g., of shares, commodities, etc.) . Other internet sources (not news media) . External conferences (e.g., on recent trends/topics in the financial sector) . Scientific/academic journals

D) Frequency of Contact with Market Actors 1. On average, how many times are you in contact with the following market actors? (never, less than once a week, 2-3 times a week, once a day, multiple times per day) . Financial analysts . Institutional investors . Investor relations professionals

E) Perceived Influences 1. On average, to what extent do you think the following market actors want to influence your work? (1: not at all – 7: very much) . Financial analysts . Institutional investors . Investor relations professionals 2. To what extent do you try to influence the work of the following market actors on average? (1: not at all – 7: very much) . Financial analysts . Institutional investors . Investor relations professionals

F) Daily Working Practices 1. To what extent do the statements below apply to your daily working experiences? (randomized;1: strongly disagree – 7: strongly agree) . I have to rely on the interpretations from intermediaries (e.g., financial analysts) when writing an article. . My sources limit me in terms of what I am ABLE to write. . My sources limit me in terms of what I am ALLOWED to write. . My reporting is dependent on my readers’ expectations. . The final review by the editor has an influence on the tone of my article.

G) Perceived Own Influences on the Market 1. Assuming you cover various financial topics, please indicate for each statement below to what extent you agree or disagree. I think my financial news articles have an influence on…(1: strongly disagree – 7: strongly agree) . the overall stock market. . the industry that I have covered. . the share value of the company that I have covered. . the investment decisions of my readers.

H) Perceived Influences on the Market 1. Talking about different time spans: On average, how likely do you think is an influence of expected financial news on stock market movement…? (1: not at all likely– 7: very much likely) . within milliseconds . within seconds . within minutes . within hours . at the end of a trading day . over one trading week . over a couple of trading weeks 2. Talking about different time spans: On average, how likely do you think is an influence of unexpected financial news on stock market movement…? (1: not at all likely– 7: very much likely) . within milliseconds . within seconds . within minutes . within hours . at the end of a trading day . over one trading week . over a couple of trading weeks

I) Trends (partly from Oberlechner & Hocking, 2004) 1. Below you find some statements regarding trends in financial journalism and the financial market. Please indicate for each statement to what extent you agree or disagree with these developments (randomized). (1: strongly disagree – 7: strongly agree) . Social media continue to play an important role for financial journalists (e.g., Twitter). . News media technology has increased risk of reporting unverified news. . The financial market becomes more and more complex for financial journalists to understand. . Reporting of immediate events has become more important to the market than background analysis. . The speed of financial news reporting will increase further. . In financial news reporting, speed has become a more decisive factor than contents. . Financial news will increasingly become produced automatically. . My job as a financial journalist will soon be replaced by artificial intelligence (AI). . High-speed trading will become more important for financial journalism in the future. Chapter 3

Lagging Behind? Emotions in Newspaper Articles and Stock Market Prices in the Netherlands APPENDIX 3.1 List of Negative/Positive Emotional Words from the Dutch version of the Linguistic Inquiry and Word Count (LIWC) program

Positive Emotional Words aannemelijk aanvaard aanvaardde aanvaardden aanvaarden aanvaardt acceptabel acceptatie accepteer accepteerde accepteerden accepteert accepteren akkoord beaam beaamd beaamde beaamden beaamt beamen geaccepteerd goedgekeurd goedgevonden goedkeuren goedvinden inderdaad ingewilligd ja jawel juist okay okÈ orde overeengekomen overeengestemd overeenkomen overeenkomst overeenstemmen overeenstemming prima toegestemd toestemmen toestemming verleen verleend verleende verleenden verleent verlenen zeker aaien aanbad aanbaden aanbeden aanbid aanbidden aanbidt aangemoedigd aangenaam aanhankelijk aanhankelijkheid aanmoedigen aanmoediging aansporing aantrekkelijk aardig acceptatie accepteer accepteerde accepteerden accepteert accepteren actief alleraardigst allerliefst amicaal amusant amuseer amuseerde amuseerden amuseert amuseren attent avontuur avontuurlijk baat band bedaard bedachtzaam bedank bedanken bedankje bedankt bedankte bedankten bedreven begaafd begreep begrepen begrijp begrijpelijk begrijpen begrijpt begrip begripvol behaaglijk behaal behaald behaalde behaalden behaalt behagen behalen behulpzaam bekoren bekroning bekroond bekwaam belangstellend belangstelling belonen beloning beloon beloond beloonde beloonden beloont bemin bemind beminde beminden beminnen bemint bereidwillig beter beterschap betrouwbaar bevredig bevredigd bevredigde bevredigden bevredigen bevredigend bevrediging bevredigt bevrijd bevrijdde bevrijdden bevrijden bevrijdt bewonder bewonderd bewonderde bewonderden bewonderen bewondert blij blijdschap blijheid boeien boeiend bof boffen boft bofte boften braaf briljant charmant charme comfort concentratie concentreer concentreerde concentreerden concentreert concentreren confrontatie confronteer confronteerde confronteerden confronteert confronteren controle creatief dank dankbaar dapper deugd dierbaar doeltreffend doorsta doorstaan doorstaat doorstond doorstonden doortastend durf durfde durfden durft durven dynamiek dynamisch eer eergevoel eerlijk eerlijkheid eervol elegant energie energiek enthousiasme enthousiast erkentelijk extase fantastisch feest feestelijk feestvreugde fijn fijngevoelig flink flirten foutloos fraai gaaf gave geaccepteerd geamuseerd geamuseerdheid geboeid geboft geborgen geborgenheid geconcentreerd geconfronteerd gedurfd geestdrift geestdriftig geestig geestkracht geflirt gegiechel gegiecheld gegniffeld gehecht gehechtheid gehoopt geÔnspireerd geÔnteresseerd gejuicht gekoesterd gelachen geliefd geliefkoosd geluk gelukkig gemak gemakkelijk gemoedsrust genegenheid genieten genoegen genot geriefelijk geromantiseerd gerust gerustgesteld geruststellen gesteund gestimuleerd gestreeld getroost getrotseerd getrouw gevat gewaagd gewaardeerd geweldig gewiekst gewijd gewild gewonnen gezegend gezellig gezelligheid gezoend giechel giechelde giechelden giechelen giechelt glansrijk glimlach glimlachen glimlacht glimlachte glimlachten gniffel gniffelde gniffelden gniffelen gniffelt goddelijk goed goedaardig goedgekeurd goedgezind goedheid goedkeuren goedkeuring grap grappig grijns groots gunst gunstig harmonie hartelijk hartelijkheid hartstocht hartstochtelijk heerlijk heilzaam held heldhaftig heldhaftigheid heldin hemel hemels hilarisch hoop hoopgevend hoopt hoopte hoopten hoopvol hopelijk hopen hulpvaardig humor ideaal idealisering idealisme idealistisch ijverig indrukwekkend innemend innig inspiratie inspireer inspireerde inspireerden inspireert inspireren inspirerend intellect intellectueel intellectuelen intelligent intelligentie intens interessant interesse interesseer interesseerde interesseerden interesseert interesseren jolig juich juichen juicht juichte juichten kalm kalmte keurig knap koester koesterde koesterden koesteren koestert komisch kostelijk kracht krachtdadig krachtig kus kussen lach lachen lacht lachte lachten lachwekkend lekker leuk levendig lief liefde liefdevol liefgehad liefhebben liefhebbend liefkozen liefkozing lieftallig lieveling lol lolletje lollig losgelaten loslaten loyaal loyaliteit lust mild minnaar moed moedig mooi mooier netjes nobel nut nuttig okay okÈ onbekommerd onberispelijk onbezorgd onderhoudend ondersteun ondersteund ondersteunde ondersteunden ondersteunen ondersteunt ongedwongen onschatbaar ontlast ontlasten ontlastte ontlastten ontspan ontspande ontspanden ontspannen ontspanning ontspant ontzagwekkend opbeuren opfleuren opgebeurd opgefleurd opgemonterd opgeruimd opgetogenheid opgevrolijkt opgewekt opmonteren oppermachtig oprecht oprechtheid optimisme optimist optimistisch opvrolijken opwindend overtref overtreffen overtreft overtrof overtroffen overvloed overwinning paradijs passie perfect pienter pijnloos plezier plezierig populair populariteit positief prachtig pret pretje prettig prima profijt rechtschapen rijk roem romance romanticus romantiek romantisch romantiseer romantiseerde romantiseerden romantiseert romantiseren rust rustig schat schitterend schoonheid slimmerik snoezig spannend speciaal stellig sterk steun steunde steunden steunen steunt stimuleer stimuleerde stimuleerden stimuleert stimuleren stoutmoedig stralend streel streelde streelden streelt strelen succes super sympathie sympathiek talent talentvol teder teer teergevoelig tevreden tevredenheid toegejuicht toegekend toegenegen toegewijd toejuichen toekennen toekenning toeschietelijk toewijden toewijding triomf triomfantelijk triomferend troost troost troosten troostte troostten trots trotseer trotseerde trotseerden trotseert trotseren trouw uitblinken uitdaging uitgeblonken uitgelaten uitgemunt uitmunten uitmuntend uitstekend vastberaden vastberadenheid vastbesloten veelbelovend veilig veiligheid verbeter verbeterd verbeterde verbeterden verbeteren verbetering verbetert verdienste verdraagzaam vereer vereerd vereerde vereerden vereert vereren vergaf vergaven vergeef vergeeft vergeven vergiffenis verheug verheugd verheugde verheugden verheugen verheugend verheugt verknocht verknochtheid verleid verleidde verleidden verleiden verleidt verlichting vermaak vermaakt vermaakte vermaakten vermakelijk vermaken verras verrassen verrassing verrast verraste verrasten verrukkelijk verrukking verrukt verstand verstandelijk verstandig vertrouw vertrouwd vertrouwde vertrouwden vertrouwen vertrouwt verwacht verwachten verwachting verwachtte verwachtten verwelkom verwelkomd verwelkomde verwelkomden verwelkomen verwelkomt verzeker verzekerd verzekerde verzekerden verzekeren verzekert verzorg verzorgd verzorgde verzorgden verzorgen verzorgt vitaal vitaliteit voldoening volmaakt voorkomend voorspoedig voortreffelijk vooruitgaan vooruitgegaan voorzichtig vordering vrede vredelievend vredig vreedzaam vreugde vriendelijk vriendelijkheid vriendschappelijk vrij vrijheid vrijmoedig vrolijk vrolijkheid vurig waardeer waardeerde waardeerden waardeert waarderen waardering waardevol waardig waardigheid waarheid warm warmte weelde wijden wijs wijsheid wilskracht wilskrachtig win winnaar winnen wint won wonderbaarlijk wonnen zachtaardig zachtmoedig zalig zege zegen zegenen zegening zekerheid zelfvertrouwen zelfverzekerd zoen zoende zoenden zoenen zoent aanbad aanbaden aanbeden aanbid aanbidden aanbidt aanhankelijk aanhankelijkheid band bemin bemind beminde beminden beminnen bemint bewonder bewonderd bewonderde bewonderden bewonderen bewondert blij blijdschap blijheid dierbaar extase fijn gegiechel gehecht gehechtheid gejuicht gekoesterd gelachen geliefkoosd geluk gelukkig genegenheid genieten genot geromantiseerd gestreeld gewijd hartstocht hartstochtelijk innig intens juich juichen juicht juichte juichten koester koesterde koesterden koesteren koestert lach lachen lacht lachte lachten lachwekkend lief liefde liefdevol liefgehad liefhebben liefhebbend liefkozen lieveling minnaar opgemonterd opgetogenheid opgevrolijkt opmonteren opvrolijken passie romance romanticus romantiek romantisch romantiseer romantiseerde romantiseerden romantiseert romantiseren schat streel streelde streelden streelt strelen teder tevreden tevredenheid toegenegen toegewijd toewijden toewijding vereer vereerd vereerde vereerden vereert vereren vergaf vergaven vergeef vergeeft vergeven vergiffenis verheug verheugd verheugde verheugden verheugen verheugt verknocht verknochtheid verrukkelijk verrukking verrukt vreugde vrolijk vrolijkheid wijden aangemoedigd aanmoedigen aanmoediging aansporing actief avontuur avontuurlijk behaal behaald behaalde behaalden behaalt behalen dapper doeltreffend durf durfde durfden durft durven dynamiek dynamisch energie energiek enthousiasme enthousiast fantastisch flink gedurfd geestdrift geestdriftig gehoopt geÔnspireerd getrotseerd gewaagd geweldig glansrijk held heldhaftig heldhaftigheid heldin hilarisch hoop hoopgevend hoopt hoopte hoopten hoopvol hopelijk hopen inspiratie inspireer inspireerde inspireerden inspireert inspireren inspirerend kracht krachtdadig krachtig levendig moed moedig onbekommerd opbeuren opfleuren opgebeurd opgefleurd opgevrolijkt opgewekt oppermachtig optimisme optimist optimistisch opvrolijken overtref overtreffen overtreft overtrof overtroffen overwinning passie roem sterk stralend super toegejuicht toejuichen triomf triomfantelijk triomferend trots trotseer trotseerde trotseerden trotseert trotseren uitblinken uitdaging uitgeblonken uitgemunt uitmunten uitmuntend uitstekend veelbelovend verlichting vertrouw vertrouwd vertrouwde vertrouwden vertrouwen vertrouwt verwacht verwachten verwachting verwachtte verwachtten vitaal vitaliteit vrij vrijheid vrijmoedig vurig wilskracht wilskrachtig zege zelfvertrouwen zelfverzekerd boven bovenop bovenste hoger hoog hoogste hoogte op top verhogen west westelijk westelijke westen westwaarts

Negative Emotional Words buiten desondanks geen herriep herriepen herroep herroepen herroept nee neen nergens niet niets niettemin nimmer noch nooit ontken ontkend ontkende ontkenden ontkennen ontkenning ontkent verwerp verwerpen verwerpt verwierp verwierpen verworpen weerlegd weerleggen weerspreken weersproken zonder aangerand aangericht aanranden aanranding aanrichten aanval aanvallend abnormaal achterdochtig afgang afgekeurd afgekraakt afgemat afgeschrikt afgestompt afgestraft afgewezen afgezonderd afgrijselijk afgunst afgunstig afkeer afkeuren afkeuring afkraken afmatten afschrikken afschuw afschuwelijk afstraffen afstraffing aftakeling afwijzen afwijzing afzonderen afzondering ageer ageerde ageerden ageert ageren agressie agressief alleen angst angstaanval angstaanvallen angsten angstig antipathie argwanend arrogant arrogantie aversie baatzucht baatzuchtig bah bang beangstig beangstigd beangstigde beangstigden beangstigen beangstigt bedenkelijk bederft bederven bedorven bedreig bedreigd bedreigde bedreigden bedreigen bedreigend bedreigt bedremmeld bedrieg bedriegen bedrieger bedrieglijk bedriegt bedroefd bedroevend bedrog bedrogen bedroog bedrukt bedruktheid bedwang bedwing bedwingen bedwingt bedwong bedwongen beef beefde beefden beeft begaf begaven begeef begeeft begeven beklaag beklaagd beklaagde beklaagden beklaagt beklag beklagen beklemmend bekritiseer bekritiseerde bekritiseerden bekritiseert bekritiseren belachelijk belast belasten belastte belastten beledig beledigd beledigde beledigden beledigen beledigend belediging beledigt belemmer belemmerd belemmerde belemmerden belemmeren belemmerend belemmering belemmert benauwd benauwen benauwt berisp berispen berispt berispte berispten beroerd beroof beroofd beroofde beroofden berooft berouw berouwen berouwvol beroven berust berusten berusting berustte berustten beschaamd bespottelijk bestraf bestraffen bestraffing bestraft bestrafte bestraften beteugeld beteugelen betreur betreurd betreurde betreurden betreuren betreurenswaardig betreurt bevecht bevechten beven bevocht bevochten bezeten bezorgd bezorgdheid bezwaar bezwarend bezweek bezweken bezwijk bezwijken bezwijkt bitter bittere bizar boet boeten boette boetten boos boosheid bot bullshit catastrofe cynisch defensief depressie depressief deprimeer deprimeerde deprimeerden deprimeert deprimeren destructief dodelijk doden doemdenken dom domineer domineerde domineerden domineert domineren domkop donderop doodgeslagen doodslaan doodsstrijd dreig dreigde dreigden dreigen dreigend dreigt driftig driftkop droefheid droevig druk dubieus duivel duivels dupe dwaas dwang dwarsbomen dwing dwingen dwingt dwong dwongen eenzaam eenzaamheid egoÔsme egoÔst egoÔstisch eigenaardig eigengereid eigenzinnig ellende ellendig emotioneel erbarmelijk erg erger ergerde ergerden ergeren ergerlijk ergernis ergert ernst ernstig ernstigheid faal faalde faalden faalt falen fanaat fel fiasco flop foltering forceer forceerde forceerden forceert forceren fout fraude frauderen fraudeer fraudeert fraudeerde fraudeerden freak frustratie frustreer frustreerde frustreerden frustreert frustreren furieus geageerd gebeefd gebelgd geboet gebrek gebrekkig gedeprimeerd gedomineerd gedood gedreigd gedwarsboomd gedwongen geÎmotioneerd geÎrgerd gefaald geforceerd gefraudeerd gefrustreerd gegeneerd gegild gehaat gehinderd gehuild geÔntimideerd geÔrriteerd geÔsoleerd gejammerd gejankt gejend gejengeld gek gekanker gekrenkt gekweld gekwetst gelaten gelatenheid geleden gelogen gelul gemeden gemeen gemist gemolesteerd gÍnant gÍne geneer geneerde geneerden geneert genegeerd generen geobsedeerd geouwehoer gepest gepiekerd geplaagd geprikkeld geprotesteerd geradbraakt geremdheid geroddel geroddeld gerouwd geruÔneerd geschaad geschaamd geschil gescholden geschonden geschreeuwd geschrokken gespannen gestoord gestraft gestresst geteisterd getergd geterroriseerd getierd getikt getobd getreiterd getreurd gevaar gevaarlijk gevecht gevit gevochten gevreesd gewalgd gewanhoopt gewantrouwd geweigerd gewelddadig gewroken gezanik gezanikt gezeur gezeurd gezondigd gil gilde gilden gillen gilt goddomme godverdomme godverdorie griezel griezelig gril grimmig grof gruwel gruwelijk haat haatdragend haatte haatten halsstarrig hardnekkig harteloos hatelijk haten hebzucht hebzuchtig hectisch heftig hel helaas hels hetze hevig hinder hinderde hinderden hinderen hinderlijk hindert hopeloos huil huilbui huilde huilden huilen huilend huilerig huilt huiverig huivering huiveringwekkend hulpeloos humeurig hypernerveus idioot ijdel ijdelheid inadequaat incapabel ineffectief inefficiÎnt inferieur inspanning interruptie intimidatie intimideer intimideerde intimideerden intimideert intimideren irrationeel irritant irritatie irriteer irriteerde irriteerden irriteert irriteren irriterend isolement isoleren jaloers jaloersheid jaloezie jammer jammeren jank janken jankt jankte jankten jen jende jenden jengel jengelde jengelden jengelen jengelt jennen jent kankeren kinderachtig kleingeestig kleinzielig klere kletstante klojo klootzak klote knoeiboel koppig krankzinnig krankzinnigheid kreng krenk krenken krenkend krenking krenkt krenkte krenkten kritiek kritisch kritische kut kwaad kwaadaardig kwalijk kwel kwelde kwelden kwellen kwelt kwets kwetsbaar kwetsbaarheid kwetsen kwetst kwetste kwetsten kwijtgeraakt kwijtraken last lastig leden leed leeg leegheid lelijk lesbo leugen leugenaar leugens lieg liegen liegt lijd lijden lijdt list listig logen lomp loog losgerukt losrukken lul lullig machteloos manie mat matig medelijden meden meed meedogenloos mensonwaardig mijd mijden mijdt minderwaardig mis misbruik misbruiken misbruikt misdadig miserabel misËre misgelopen misgund misgunnen mishandel mishandeld mishandelde mishandelden mishandelen mishandelt mislopen misluk mislukken mislukking mislukt mislukte mislukten misselijk missen misser mist miste misten moedeloos moeilijk moeilijke moeilijkheid molesteren nadeel nadelig narigheid nederlaag neerslachtig neerslachtigheid negeer negeerde negeerden negeert negeren nerveus netelige nijd nijdig nonchalant nood noodlottig nutteloos obsedeer obsedeerde obsedeerden obsedeert obsederen obsessie offensief onaangenaam onaantrekkelijk onachtzaam onbehaaglijk onbehaaglijkheid onbeholpen onbeleefd onbeschaafd onbeschermd onbeschoft onbestendig onbetrouwbaar onbevredigend onderbrak onderbraken onderbreek onderbreekt onderbreken onderbreking onderbroken onderdruk onderdrukken onderdrukking onderdrukt onderdrukte onderdrukten ondergang ondoelmatig ondraaglijk oneens onenigheid ongeduld ongeduldig ongeduldigheid ongedurig ongelukkig ongelukkige ongemak ongemakkelijk ongerust ongerustheid ongunstig onheil onheilspellend onkunde onkundig onnozel onplezierig onrecht onrechtmatig onrechtvaardig onredelijk onrust onrustig onruststoker ontbering ontevreden ontliep ontliepen ontloop ontloopt ontlopen ontmoedig ontmoedigd ontmoedigde ontmoedigden ontmoedigen ontmoedigend ontmoediging ontmoedigt ontnam ontnamen ontneem ontneemt ontnemen ontnomen ontraad ontraadde ontraadden ontraadt ontraden ontrouw ontsteld ontsteltenis ontweek ontweken ontwijk ontwijken ontwijkt ontzetting onuitstaanbaar onveilig onveiligheid onvermogen onverschillig onverschilligheid onverzettelijk onvoldoende onvolkomen onvoordelig onwetend onwetendheid onwillig onzeker onzekerheid onzinnig opbreken opbrengen opdonderen opgebracht opgebroken opgedonderd opgegeven opgejaagd opgejaagd opgeven opjagen oproer opschudding opstand opstandig overdreven overheers overheersen overheerst overheerste overheersten overstelp overstelpen overstelpend overstelpt overstelpte overstelpten overstuur overtreder overtreding overweldig overweldigd overweldigde overweldigden overweldigen overweldigend overweldigt paniek paniekerig paniekzaaier paranoia paranoÔde pathetisch pech pervers pessimisme pessimist pessimistisch pest pesten pestte pestten pieker piekerde piekerden piekeren piekert pijn pijnlijk pijnlijke pissig plaag plaagde plaagden plaaggeest plaagt plagen plagerij pressie prikkelbaar profiteur protest protesteer protesteerde protesteerden protesteert protesteren puinhoop raar radeloos ramp rampzalig razend razernij rebel rebels redeloos rem remmend remming rigide roddel roddelde roddelden roddelen roddelt rotzooi rouw rouwde rouwden rouwen rouwt ruig ruÔneren rusteloos ruw ruzie saai sarcasme sarcastisch schaad schaadde schaadden schaadt schaam schaamde schaamden schaamt schaamte schaamteloos schade schadelijk schaden schamen schandalig schande schandelijk scheld schelden scheldt schend schenden schendt schichtig schijt schoft schok schold scholden schond schonden schoorvoetend schreeuw schreeuwde schreeuwden schreeuwen schreeuwend schreeuwt schrik schrikbarend schrikbeeld schrikken schrikt schrikwekkend schrok schrokken schuld schuldgevoel schuldig schuw shit shock slachtoffer slag slap slecht slechter sloerie slordig smaad smakeloos smeerboel smeerlap snertding snob sodemieter somber somberheid spanning spijt spot spuugzat star starheid stom stommerik stoor stoorde stoorden stoort storen straf straffen straft strafte straften streng strengheid stress strijd stuitend suf sullig teef tegenspoed tegenstand tegenstander tegenvaller tegenwerking tegenzin teister teisterde teisterden teisteren teistert tekortgeschoten tekortschieten teleurgesteld teleurstellen teleurstelling teneergeslagen tenietdoen tenietgedaan terg tergde tergden tergen tergt terreur terroriseren terrorisme terrorist teruggeschrokken terugschrikken tevergeefs tier tierde tierden tieren tierend tiert tik tob tobben tobberig tobde tobden tobt toegetakeld toetakelen traan tragedie tragiek tragisch tranen treiter treiteraar treiterde treiterden treiteren treitert treur treurde treurden treuren treurend treurende treurig treurt trut uitgeput uitgescholden uitgevochten uitputten uitputtend uitputting uitschelden uitvechten uitzichtloos vaag vals vecht vechten venijnig veracht verachten verachtte verachtten verbeten verbied verbieden verbiedt verbijster verbijsterd verbijsterd verbijsterde verbijsterden verbijsteren verbijsterend verbijstering verbijstert verbijten verbitterd verboden verbood verbrak verbraken verbreek verbreekt verbreken verbroken verdacht verdedig verdedigd verdedigde verdedigden verdedigen verdedigend verdediging verdedigt verderf verderfelijk verdoemd verdoemen verdomme verdorie verdraag verdraagt verdragen verdragen verdriet verdrietig verdring verdringen verdringing verdringt verdroeg verdroegen verdrong verdrongen vererger verergerd verergerde verergerden verergeren verergering verergert vergal vergald vergalde vergalden vergallen vergalt vergiftigd vergiftigen vergrijp verhinder verhinderd verhinderde verhinderden verhinderen verhindert verijdeld verijdelen verkeerd verknoei verknoeid verknoeide verknoeiden verknoeien verknoeit verkracht verkrachten verkrachting verlaag verlaagd verlaagde verlaagden verlaagt verlaat verlagen verlang verlangd verlangde verlangden verlangen verlangend verlangt verlaten verlegen verlegenheid verlies verliest verliet verlieten verliezen verliezer verliezers verloor verloren vermeden vermeed vermijd vermijdbaar vermijden vermijding vermijdt verneder vernederd vernederde vernederden vernederen vernederend vernedering vernedert verniel vernield vernielde vernielden vernielen vernieler vernieling vernielt vernielzuchtig vernietig vernietigd vernietigde vernietigden vernietigen vernietigend vernietigt verontrust verontrusten verontrustend veroordeel veroordeeld veroordeelde veroordeelden veroordeelt veroordelen verpletterd verpletteren verpletterend verschrikkelijk verschrikking verslagenheid verslechtering verspeeld verspelen verstijf verstijfd verstijfde verstijfden verstijft verstijven verstikkend versuft vertwijfeld vertwijfeling verveel verveeld verveelde verveelden verveelt vervelen vervelend verveling vervloek vervloeken vervloekt vervloekte vervloekten verwaarloos verwaarloosd verwaarloosde verwaarloosden verwaarloost verwaarlozen verwaarlozing verwar verward verwarde verwarden verwardheid verwarren verwarrend verwarring verwart verweer verwerp verwerpen verwerpt verwierp verwierpen verwoest verwoesten verwoestend verwoestte verwoestten verworpen vijand vijandelijk vijandig vijandigheid vijandschap vit vitte vitten vocht vochten vooringenomen vooroordeel vreemd vreemdsoortig vrees vrees vreesde vreesden vreest vreselijk vrezen waardeloos walg walgde walgden walgelijk walgen walging walgt wanhoop wanhoopt wanhoopte wanhoopten wanhopen wanhopig wanordelijk wantrouw wantrouwde wantrouwden wantrouwen wantrouwig wantrouwt warboel wazig weerloos weerzin weerzinwekkend weiger weigerde weigerden weigeren weigering weigert woede woedend woest worsteling wraak wraakzucht wraakzuchtig wreed wreedheid wreek wreekt wreekte wreekten wreken wrevel wrevelig wroeging wrok zanik zaniken zanikt zanikte zanikten zenuwachtig zenuwinzinking zeur zeurde zeurden zeuren zeurt zonde zonden zondig zondigde zondigden zondigen zondigt zwak afgeschrikt afgrijselijk afschrikken afschuw afschuwelijk angst angstaanval angstaanvallen angsten angstig argwanend aversie bang beangstig beangstigd beangstigde beangstigden beangstigen beangstigt beef beefde beefden beeft beklemmend benauwd benauwen benauwt beven bezeten bezorgdheid forceer forceerde forceerden forceert forceren gebeefd geforceerd gegeneerd geneer geneerde geneerden geneert generen geobsedeerd gepiekerd geschrokken geterroriseerd getobd gevaar gevaarlijk gevreesd gewanhoopt griezel griezelig gruwel gruwelijk huiverig huivering huiveringwekkend hypernerveus kwetsbaar kwetsbaarheid misselijk nerveus nood obsedeer obsedeerde obsedeerden obsedeert obsederen obsessie onbehaaglijk onbehaaglijkheid onbestendig ongemak ongemakkelijk ongerust ongerustheid onrust onrustig ontbering ontweek ontweken ontwijk ontwijken ontwijkt onveilig onveiligheid onzeker onzekerheid opgejaagd opjagen overstelp overstelpen overstelpend overstelpt overstelpte overstelpten overstuur overweldig overweldigd overweldigde overweldigden overweldigen overweldigend overweldigt paniek paniekerig paniekzaaier paranoia paranoÔde pieker piekerde piekerden piekeren piekert radeloos ramp rampzalig rusteloos schichtig schoorvoetend schrik schrikbarend schrikbeeld schrikken schrikt schrikwekkend schrok schrokken schuw shock spanning stress terreur terroriseren terrorisme terrorist teruggeschrokken terugschrikken tob tobben tobberig tobde tobden tobt verbijster verbijsterd verbijsterd verbijsterde verbijsterden verbijsteren verbijsterend verbijstering verbijstert verlegen verlegenheid verneder vernederd vernederde vernederden vernederen vernederend vernedering vernedert verontrust verontrusten verontrustend verpletterd verpletteren verpletterend verschrikkelijk verschrikking verstijf verstijfd verstijfde verstijfden verstijft verstijven vertwijfeld vertwijfeling verwar verward verwarde verwarden verwardheid verwarren verwarrend verwarring verwart vrees vrees vreesde vreesden vreest vreselijk vrezen wanhoop wanhoopt wanhoopte wanhoopten wanhopen wanhopig weerloos zenuwachtig zenuwinzinking aangerand aanranden aanranding aanval aanvallend afgekraakt afgestraft afgunst afgunstig afkraken afstraffen afstraffing ageer ageerde ageerden ageert ageren agressie agressief antipathie bederft bederven bedorven bedreig bedreigd bedreigde bedreigden bedreigen bedreigend bedreigt bedrieg bedriegen bedrieger bedrieglijk bedriegt bedrog bedrogen bedroog bekritiseer bekritiseerde bekritiseerden bekritiseert bekritiseren belachelijk beledig beledigd beledigde beledigden beledigen beledigend belediging beledigt berisp berispen berispt berispte berispten bespottelijk bestraf bestraffen bestraffing bestraft bestrafte bestraften bevecht bevechten bevocht bevochten bitter bittere boos boosheid bullshit cynisch defensief destructief donderop doodgeslagen doodslaan dreig dreigde dreigden dreigen dreigend dreigt driftig driftkop dupe dwarsbomen erger ergerde ergerden ergeren ergerlijk ergernis ergert fel fraude frauderen fraudeer fraudeert fraudeerde fraudeerden frustratie frustreer frustreerde frustreerden frustreert frustreren furieus geageerd gebelgd gedreigd gedwarsboomd geÎrgerd gefraudeerd gefrustreerd gehaat gehinderd geÔntimideerd geÔrriteerd gejend gekanker gelul gemeen gemolesteerd genegeerd geouwehoer gepest geprikkeld geschil gescholden gestraft geteisterd getergd geterroriseerd getierd getreiterd gevecht gevit gevochten gewalgd gewelddadig gewroken gezanik gezanikt gezeur gezeurd goddomme godverdomme godverdorie grof haat haatdragend haatte haatten halsstarrig hardnekkig hatelijk haten hebzucht hebzuchtig heftig hels hetze hinder hinderde hinderden hinderen hinderlijk hindert humeurig idioot intimidatie intimideer intimideerde intimideerden intimideert intimideren irritant irritatie irriteer irriteerde irriteerden irriteert irriteren irriterend jaloers jaloersheid jaloezie jen jende jenden jennen jent kankeren klere klojo klootzak klote koppig kreng kritiek kritisch kritische kut kwaad kwaadaardig kwalijk last lastig lesbo leugenaar list listig lomp lul lullig mishandel mishandeld mishandelde mishandelden mishandelen mishandelt molesteren negeer negeerde negeerden negeert negeren nijd nijdig offensief onbeschoft onenigheid onruststoker onuitstaanbaar onverzettelijk onzinnig opdonderen opgedonderd oproer opschudding opstand opstandig overheers overheersen overheerst overheerste overheersten pest pesten pestte pestten pissig plaaggeest razend razernij rebel rebels ruig ruw ruzie sarcasme sarcastisch schandalig schande schandelijk scheld schelden scheldt schijt schoft schold scholden shit slag sloerie smaad smeerlap snertding snob sodemieter spot spuugzat stom stommerik straf straffen straft strafte straften strijd teef tegenstand tegenstander teister teisterde teisterden teisteren teistert terg tergde tergden tergen tergt terreur terroriseren terrorisme terrorist tier tierde tierden tieren tierend tiert tik toegetakeld toetakelen treiter treiteraar treiterde treiterden treiteren treitert trut uitgescholden uitgevochten uitschelden uitvechten vals vecht vechten venijnig veracht verachten verachtte verachtten verbitterd verdedig verdedigd verdedigde verdedigden verdedigen verdedigend verdediging verdedigt verdoemd verdoemen verdomme verdorie vergal vergald vergalde vergalden vergallen vergalt vergiftigd vergiftigen vergrijp verijdeld verijdelen verkracht verkrachten verkrachting verneder vernederd vernederde vernederden vernederen vernederend vernedering vernedert verniel vernield vernielde vernielden vernielen vernieler vernieling vernielt vernielzuchtig vernietig vernietigd vernietigde vernietigden vernietigen vernietigend vernietigt verschrikkelijk verstikkend vervelend vervloek vervloeken vervloekt vervloekte vervloekten verweer verwoest verwoesten verwoestend verwoestte verwoestten vijand vijandelijk vijandig vijandigheid vijandschap vit vitte vitten vocht vochten vreselijk walg walgde walgden walgelijk walgen walging walgt woede woedend woest wraak wraakzucht wraakzuchtig wreed wreedheid wreek wreekt wreekte wreekten wreken wrevel wrevelig wrok zanik zaniken zanikt zanikte zanikten zeur zeurde zeurden zeuren zeurt afgang afgestompt afgezonderd afzonderen afzondering alleen bedremmeld bedroefd bedroevend bedrukt bedruktheid beroerd berust berusten berusting berustte berustten betreur betreurd betreurde betreurden betreuren betreurenswaardig betreurt bezweek bezweken bezwijk bezwijken bezwijkt boet boeten boette boetten depressie depressief deprimeer deprimeerde deprimeerden deprimeert deprimeren doodsstrijd droefheid droevig eenzaam eenzaamheid ellende ellendig erbarmelijk faal faalde faalden faalt falen fiasco foltering geboet gedeprimeerd gefaald gehuild geÔsoleerd gejammerd gejankt gejengeld gekrenkt gekwetst gelaten gelatenheid geleden gemist gerouwd geschaad getreurd gewanhoopt hopeloos huil huilbui huilde huilden huilen huilend huilerig huilt hulpeloos isolement isoleren jammer jammeren jank janken jankt jankte jankten jengel jengelde jengelden jengelen jengelt krenk krenken krenkend krenking krenkt krenkte krenkten kwets kwetsen kwetst kwetste kwetsten leden leed leeg leegheid lijd lijden lijdt machteloos mat medelijden mis miserabel misËre misluk mislukken mislukking mislukt mislukte mislukten missen mist miste misten moedeloos narigheid nederlaag neerslachtig neerslachtigheid nutteloos ondergang ondraaglijk ongelukkig ongelukkige ontmoedig ontmoedigd ontmoedigde ontmoedigden ontmoedigen ontmoedigend ontmoediging ontmoedigt ontnam ontnamen ontneem ontneemt ontnemen ontnomen opgegeven opgeven overstuur overweldig overweldigd overweldigde overweldigden overweldigen overweldigend overweldigt pathetisch pessimisme pessimist pessimistisch ramp rampzalig rouw rouwde rouwden rouwen rouwt schaad schaadde schaadden schaadt schade schadelijk schaden somber somberheid tegenspoed tekortgeschoten tekortschieten teleurgesteld teleurstellen teleurstelling teneergeslagen traan tragedie tragiek tragisch tranen treur treurde treurden treuren treurend treurende treurig treurt uitzichtloos verdriet verdrietig verlaat verlaten verlies verliest verliet verlieten verliezen verliezer verliezers verloor verloren verpletterd verpletteren verpletterend verslagenheid verspeeld verspelen waardeloos wanhoop wanhoopt wanhoopte wanhoopten wanhopen wanhopig worsteling beneden dieper laag laagst laagste lager onder onderste verlaag verlaagd verlaagde verlaagden verlaagt verlagen Chapter 4

Intraday News Trading: The Reciprocal Relationships Between the Stock Market and Economic News APPENDIX 4.1

Codebook for Manual Content Analysis

GENERAL INSTRUCTIONS

1. Please read the tweet carefully before starting with the coding. 2. To code the tweet, please use the following Qualtrics online survey: https://uvacommscience.qualtrics.com/SE/?SID=SV_3wLeQYIekH3PlfT 3. Code the tweet according to the ALL questions asked in the online survey. 4. The tweet will be shown on your screen constantly while working with Qualtrics. 5. BE AWARE! Follow the order of the tweets in the excel files given to you, to make sure that you capture the novelty character of the news items (code item: C3) 6. In order to code the items for “Relevance of News” (C1-C2) and “Information Depth” (H1-H2), you have to look up the tweet on the Internet. Do that by simply copy and paste the tweet to google.com. If the tweet is not retrievable anymore, indicate “Tweet online not available anymore” for the items C1-C2 and H1. 7. Do NOT look up Retweets (RT) on the Internet because they are difficult to trace back on the Internet, and usually not provided by Twitter anymore. 8. Check when you code C1-C2 and H1-H2 that it is the CORRECT tweet – namely from the Twitter account as stated in the Excel file. 9. In case of any uncertainties, please refer back to the instructions given in the codebook. 10. If there were any problems during the coding process, or if you would like to change any answer, you can leave your comments in the box “Remarks,” which appears at the end of each online survey round. 11. Finish the survey by clicking on “Processing.” 12. Start with the coding of a new tweet. GENERAL INFORMATION

A1: Who is the coder?

1. Coder A 2. Coder B

A2: What is the ID code of the tweet?

______

A3: Please copy the tweet in the field below.

A4: What is the Twitter account of this tweet? Choose one from the drop down list.

1. Reuters 2. ReutersBiz 3. thomsonreuters 4. ReutersInsider 5. ReutersWorld 6. ReutersAgency 7. reutersdeals 8. business 9. BW 10. markets 11. BloombergDeals 12. BloombergEM 13. BBGTradebook

A5: On what weekday was the tweet posted?

______(day: drop down list)

A5a: What’s the date (day in September 2015) when the tweet was posted?

______(e.g., 2)

A5b: What’s the time when the tweet was posted?

______(hours:minutes:seconds) A6: What kind of tweet is it?

1. Tweet (common tweet) 2. RT (retweet) 3. MT (modified tweet)

FOCUS OF THE NEWS

B1: What is the most prevailing topic of the tweet? Please indicate the most prominent topic. If not sure, identify the prominent subject/object of the tweet. If there is a person/personality mentioned that can be clearly related to one of the topics (e.g., economic/finance expert; politician), the tweet will be coded with the topic "economics" or "politics" respectively.

1. Economy Explanation: To be coded as “Economy,” the tweet should deal with anything that links to the economy, stock market, business, financial world, money, or corporate organizations. Economy does also include tweets that deal with particular industries/economies (e.g., electronics, technology, health) or people from the economic sector. Example: “The EPA will add more spot-checks to cars already on the road following the Volkswagen diesel scandal http://t.co/kB2NfUu8sp“

2. Politics Explanation: To be coded as “Politics,” the tweet should deal mainly with political content (e.g., news about an election, passing a new law, statement by a politician, a politician, meeting among presidents, agreement between two countries). Example: “RT @CassLGarrison: President Santos takes the stage. http://t.co/T8yh3FXAUg #ReutersLive http://t.co/2WtDV1dsbE“

3. Sports Explanation: To be coded as “Sports,” the tweet should deal with mainly sport news (e.g., competitions, races, Olympics, etc.). Example: “How the @HIGH_TIMES_Mag Bonghitters smoked the competition in the NY Media Softball League http://t.co/1Z596xr1Ok“

4. Human Interest Explanation: To be coded as “Human Interest,” the tweet should deal mainly with human-interest topics. Human Interest topics include: cultural topics, celebrities, life, crime, individual persons (not explicitly related to economics or finance), weather, the pope, religion, etc. Example: “RT @ReutersUK: Queen Elizabeth II - a record reign. From crown jewels to crowd celebrations. http://t.co/pe2dfiGV62“ 4. Others Explanation: To be coded as “Other,” the tweet does not fit in the above-mentioned topics. Code “Other” only when the tweet can really not be assigned to one of the topics mentioned before.

B2: What is the most prevailing focus of the news? Is the tweet primarily dealing with a stock/firm, an industry, the market as a whole, or anything else? Please indicate, which stock/firm (e.g., Apple), industry (e.g., technology), national market (e.g., US), or international market topic (e.g., interest rate) is dealt with in the tweet in the box below the applicable answer category. The focus can be identified by the main subject or object of the tweet (often mentioned first in the tweet).

Explanation: The focus is coded based on whether the tweet is explicitly dealing with a stock/firm, a specific industry, or the national or international market as a whole. Hence, when the tweet deals with Apple, “1. Stock/Firm” will be coded. Example : “Volkswagen's pain is beginning to spread throughout Europe’s credit markets http://t.co/FexUDUcC8K http://t.co/05i9KAQerN“  Coded as “Listed firm/stock/Volkswagen”

1. Listed firm/stock ______2. Non-listed firm/stock ______3. Industry ______4. National market (please indicate the country) ______5. International market ______6. Other ______

Routing, if B2 “National Market”, then B2a

B2a: What is the topic of the tweet that is dealing with a national market? Please indicate in short in the field below.

Explanation: Here, the market topic should be coded that refers to a specific country (e.g., unemployment rate, CPI, GDP) Example: “Puerto Rico's $72 B debt burden overshadows a government workers pension fund that's set to go broke in 5 years http://t.co/mBCWiRDs0c“  Coded as “Puerto Rico’s debt burden”

______RELEVANCE OF THE NEWS

C1: Has the tweet been retweeted (RT)? If yes, how many times?

Explanation: To get this information, the tweet has to be looked up online via google.com or on twitter.com directly. Example: „Behind the scenes with the designers who create icons and emoticons for screens of all sizes http://t.co/75qibTG5Ie http://t.co/6vq5dEbvCw“  Coded as „Yes, 37“

1. Yes, ______(number of RT) 2. No 3. Tweet not available anymore

C2: Has the tweet been liked ()? If yes, how many times?

Explanation: To get this information, the tweet has to be looked up online via google.com or on twitter.com directly. Example: „Behind the scenes with the designers who create icons and emoticons for screens of all sizes http://t.co/75qibTG5Ie http://t.co/6vq5dEbvCw“  Coded as „Yes, 36“

1. Yes, ______(number of ) 2. No 3. Tweet not available anymore C3: Is the tweet conveying novel information? Please indicate “novel information” for initial news. If you read the first time an update on the initial news, code "Update" and insert “1” in the text field, “2” when you have read a third time about the initial news, and so on. Please take notes of topics that you code as “Update” on the side, and take a tally list each time you read about the same topic in a following tweet. An update is also when a tweet was posted a second time by another account.

Explanation: Is the tweet dealing with something that you have not read before in another tweet which you have coded for that particular day? Indicate “novel information” when it is a novel news item, “Update” and “1” when you have already read about it in another tweet that occurred that day. Increase the number by 1 each time when you read an additional update on the initial news item. An update does not have to be explicitly the same piece of information as read before, but deals with the same topic (e.g., manipulation scandal at Volkswagen). Example: The first tweet to be coded reads: “RT @DavidInglesTV: Volkswagen admits to systematically cheating on emissions testing in US for years“ (sent: 21/09/2015; 06:35:35). The second tweet to be coded is: “RT @business: Volkswagen shares tumble after it admits cheating on U.S. emission tests http://t.co/Cz3z8h9ELr http://t.co/fO7Pvbpl7B “ (sent: 21/09/2015; 06:40:36).  Given that there was no information on the Volkswagen scandal before the first tweet occurred, the first tweet would be coded as „Novel information.” Since the second tweet is also dealing with the Volkswagen manipulations, it would be coded as an “Update/1.”

1. Novel information 2. Update EMOTIONS

E1: What emotions are explicitly expressed in the tweet? Please write down the words/expression from which you can explicitly recognize the emotion (fear vs. hope) in the box behind the emotion.

Explanation: Hope refers mainly to positive prospects (e.g., expected gains for a stock/firm); fear refers mainly to negative prospects (e.g., expected losses in an industry). Hence, positive (negative) sentiment does NOT infer hope (fear). But emotions can be assessed regardless of the object/topic of the tweet (politics, economy, sports). The tweet does not have to be written in the future tense (will, is going to), but can also be written in simple present (can also mean future). Both emotions can be present within one tweet.

Hope a) Hope can be assessed based on the positive prospective that is given for the market, a stock/firm, or the industry. Is the outlook optimistic, enthusiastic, or promising (e.g., words as “increasing, growing, moving forward, bullish”)? This includes: rising prices/market, rising election polls, winning perspectives, positive change in a policy/market/regulation, a buy-in (merger & acquisition), introduction of new product, employment of more people, extension of businesses, or similar positive news with expected positive impact in the future (does not have to be explicit). Hope can also be triggered by strong “buy” recommendations or “buy” indications.

Examples: Oil speculators at most bullish in 2 months as OPEC calls for $80 crude http://t.co/7Zi73T17bK http://t.co/vAFajrpAtw

For the week, the Dow up 2 percent, the S&

RT @bpolitics: Trump and Carson are up, Jeb Bush is down, and the others are holding on, says J. Ann Selzer http://t.co/GuESkmVtvV http://‰Û_ (both hope and fear)

RT @BloombergTV: 'Beasts of No Nation' gives @Netflix chance to win an Oscar http://t.co/BmdYEfj8ec http://t.co/3jG0M7IdiE

SEC can pursue insider trading case against brokers: judge http://t.co/da7kDhq337 (hope because pursuing insider trading is positive news for the future).

KKR, Apollo Global seek to buy GE's inventory finance arm http://t.co/J8VxJagaUh

RT @benscent: ICYMI: Fosun said in advanced talks to acquire RSA's $200 million Middle Eastern arm: http://t.co/7uCOtQLicK $RSA

Oil prices edge up as U.S. drilling declines http://t.co/HD5y1wXAXm http://t.co/bxGAN4eoZ5 (both fear and hope) HSBC set to add 4,000 jobs in next 4 years in China's Pearl River Delta region http://t.co/uYPE9dBTJ1

Taiwan's Hon Hai offers to buy Sharp's LCD business, wants Apple funds: Nikkei http://t.co/yeyhPcsXIM http://t.co/6KoWWIBtr5

b) Positive news that is happening right now and has an explicit positive impact on something (e.g., the price, taking action, support) in the future. This is often – but does not have to be – written in present progressive:

Examples: The Saudis are winning (explicit, because points to the future) the war on shale, though they're paying a heavy price for it http://t.co/kNe3L93n9f http://t.co/cwhugvdqKk

Mitch McConnell embraces the fight to defund (explicit, because points to a future act) Planned Parenthood, but doesn't support shutting down the government http://t.co/tdNqEOtzjN (both hope/fear)

Chinese firms show resilience (explicit, because it indicates that the firms are resilience in the future) in third quarter: private survey http://t.co/loQCAmtR4p

A Dutch architecture firm is using shipping containers help people (explicit, because action has its effect in the future) in shantytowns http://t.co/pCDPUyj7lK http://t.co/KzcbVqDbMD

Ex-Barclays CEO Bob Diamond seeks redemption (explicit, because he is doing it right now with the hope of a positive outcome) in African banking http://t.co/rPld4hfQ0s http://t.co/BlJnuwF0hs

RT @Jeffrey_Black: The global economy caused Janet #Yellen to pause for thought. It could spur Mario #Draghi to act (explicit with positive expectation how Mario will act in the future). http://t.co/hrK0RVmD0cäó_

RT @mcdonaldsarahj: When investors hate U.S. stocks this much, it's normally a good time to buy http://t.co/4GgoOOffxR via @luwangnyc http:äó_(refers to presence “this much” and implications for the future: buy recommendation)

RT @lucy_meakin: Being bullish on the U.S. #bond market just got a lot easier. (see above) http://t.co/s2UPX2GCWe via @mccormickliz @TheRealDFK http://äó_

Analyzing the odds of a Fed rate increase (see above) http://t.co/mwH7sq7gHD http://t.co/MWz3gqKvbj c) NO (positive) status quo descriptions:

Examples: The fascinating history behind the Cascamorras festival in southern Spain: http://t.co/jGrcSEA58r http://t.co/iJneVvQYYC

Fear a) Fear can be assessed based on the negative prospective that is given for the market, a stock/firm, or the industry. Is the outlook pessimistic, bad, or depressing (e.g., words as “decreasing, slowing down, getting worse, bearish”)? Fear is also present in expressions of warnings, negative financial/political outlooks or allegations.

Examples: Ellen Pao is ending her gender-bias lawsuit, but she won't go quietly (warning) http://t.co/M68ZwABzJW http://t.co/xtB5iuST6M

RT @ReutersPolitics: Move over Koch brothers, here come (warning) the Wilks: http://t.co/RxvUi9F29A http://t.co/b0KdblX7b4

Credit investors may find bitter after-taste (warning) in Apple, according to one strategist http://t.co/IkKjmLggUx http://t.co/UKnGC94xco

A salmonella outbreak in Minnesota could hurt (fear of outbreak) Chipotle's sales, Goldman says http://t.co/z308YKAZS3 http://t.co/c6AeR7IShA

U.N.'s Central Africa force hit with new misconduct allegations http://t.co/tp95rYMLls

Pakistani party accuses paramilitary force of extrajudicial killings (allegations) http://t.co/9iyBOYYX0Q

The ethically sourced pork at Whole Foods might not come from the most idyllic pastures (fear of origin of pork) http://t.co/DkWjWf75ql http://t.co/Q8TnNjmFi0

Pope meets Fidel Castro, warns against ideology on Cuba trip http://t.co/Psk4mwz1MB

RT @fion_li: #China's Bonds Decline (negative financial outlook) Amid Signs #Economy Not as Weak as Thought @business http://t.co/0lKNvZnSrv (both fear and hope)

RT @mcdonaldsarahj: Not a happy (see above) Monday for stocks. Australia bearing the brunt, -2.6% #ausbiz http://t.co/tq8MHP2bhd http://t.co/nTUGiZgtXr

RT @business: Volkswagen shares tumble (see above) after it admits cheating on U.S. emission tests http://t.co/Cz3z8h9ELr http://t.co/fO7Pvbpl7B

Record high for U.K. house prices as property shortage creates "extremes" (fear of record high prices) http://t.co/j8CTMMI8CH http://t.co/ue0xLnL95C INSIGHT-Wildfires push Californians to high-risk (fear of high risk insurance market) insurance market http://t.co/1VvGJVHIVH

It's not only Volkswagen that's plunging - RSA Insurance shares hit (expected financial loss) after Zurich scraps bid http://t.co/fSQKUUhaAB http://t.co/qFoNh6KxYe

VW shares plunge the most (see above) in six years on US emission issue http://t.co/zPq99ZY7ye

b) Negative news that is happening right now, and will have an explicit negative impact on something (e.g., the price, taking action, scandal/problems) in the future. This is often – but does not have to be – written in present progressive:

Examples: People wait to be rescued (explicit indication) from their homes during heavy flooding in Japan. Editor's Choice: http://t.co/cJFLH6zu1q http://t.co/fT6PsQBB3Y

Slower economic growth in China is having a visible impact (explicit indication) on the medical device sector: http://t.co/EbX244jfc9

Kentucky town's brush with gay marriage spotlight stirs tensions (explicit, there is about to be tensions) http://t.co/KzERWN8yhB

Obama says to anticipate refugee problems for decades (explicit, refugee problems are expected for the upcoming decades, but both fear and hope – hope refers to the anticipation) http://t.co/uSyrC5GS9O

RT @M_McDonough: Recession (explicit, because a recession is going on right now, but will have an impact in the future), high rates doomed Brazil's S&

Bombs in northeast Nigeria kill at least 12 (explicit, because it’s not a final finding – worse can be expected) http://t.co/nllm2AljVt

Serena Williams‰Ûªs U.S. Open loss is also a loss (explicit, one loss means another loss for something else) for ticket brokers http://t.co/AbT0izCWzn http://t.co/Iq0bMa0BJu

Apple's iOS App Store suffers first major attack (explicit, is happening right now and implies another in the future) http://t.co/OJMnPL3GmS

Rebels see tougher war with Russians in Syria, evoke Afghanistan (explicit, implication of war evoking Afghanistan) http://t.co/GuMb474PVc

Refugee crisis to test EU at summit of divided leaders (explicit, “to test” implies that it happens in the future) http://t.co/Zo56vQX0uk

Pacific islanders call for urgent action on climate as seas rise (explicit, “as sea rises” gives reference to the future) http://t.co/JFwI6VoqmP http://t.co/rG4VST1fTc c) NO plain (negative) statements:

Examples: Stabbing suspect shot at Washington's Union Station: http://t.co/PRbGu85YcL http://t.co/9oUyTxIL1h

NYPD releases video of ex-tennis star James Blake's mistaken arrest: http://t.co/h9qvLlKyUb http://t.co/4rQPB1OYuW

TV station that employed camerawoman who kicked migrants says its website was hacked: http://t.co/Mxttlub8AU http://t.co/Wuq5QhdNkM

At least 65 people killed, 154 injured in crane crash at Mecca's Grand Mosque: http://t.co/qoBk5J9tEv

RT @business: JUST IN: Rick Perry says he will drop out of 2016 presidential race http://t.co/laXF5NAwp9

Syrian toddler Aylan's father drove capsized boat, other passengers say http://t.co/LLwYuFKUN5

CODING:

1. Hope ______(words/expression) 2. Fear ______(words/expression) 3. None EXPERT OPINION

F1: Is the tweet conveying an expert opinion? Is the tweet based on an expert view on the market? In case of uncertainty, please LOOK UP THE NAME/INSTITUTE from the tweet on the Internet. Expert opinion can be expressed by a market analyst, financial expert, market research institute (e.g., OECD), or polling/survey companies.

Explanation: The presence of an expert opinion can be identified when the tweet is mentioning references such as “market analyst,” “financial analyst,” “specialist,” “professional,” etc. or when it becomes apparent from the source (e.g., OECD) in the tweet that an expert expresses his/her opinion. Example: “RT @freddiethekat: Buy oil, financial stocks on dips - analyst http://t.co/IJzjmqnL6p @HavenTowerGroup @ReutersMoney“  Coded as “Yes”

1. Yes 2. No CORPORATE INFORMATION

G1: Is the tweet explicitly dealing with corporate information of a stock? Is the content of the tweet originating or relating to a specific company or organization, which is listed on the stock market? Please indicate to which stock the tweet is mainly referring? If you are not sure whether the firm in the tweet is listed, look up the company on the Internet and check whether it is a stock.

Example: “RT @freddiethekat: Google looks to auto industry exec to drive its autonomous car project http://t.co/TA6jCSw4e6 http://t.co/PlNSY8Ex3v“  Coded as “Yes”/Google

1. Yes ______2. No

Routing, if G1 ‘Yes’, then G1a, if G1 ‘No’, then H1

G1a: What is the corporate information about? Please choose from the options below or write down an alternative behind the box “Other corporate information.” Multiple answers are possible.

Example: “RT @business: "Cold fusion" is Citi's answer to fading central bank firepower http://t.co/KQ67VtCLNR http://t.co/uiEUJ2q9C7“  Coded as “7. Other corporate statements/announcements/answer to central bank firepower”

1. Corporate crisis/scandal 2. Lawsuit/trial/juridical cases 3. Financial/stock performance 4. Quarterly/annual earnings 5. Information on executives/CEO/leadership/board 6. Change in management 7. Change in strategy (please indicate below: e.g., expansion, closing departments) ______8. Merger & acquisition (e.g., buying-in; acquiring a new division/sector/department from another business) 9. Information on products/services of the company 10. New product developments (e.g., product line) 11. Other corporate information ______

Routing, G2 will be asked for each category chosen in G1a G2: Please indicate whether the {category chosen in G1a} means mainly positive, neutral or negative news for shareholders of the stock.

Explanation: To code whether the corporate information is positive, negative or neutral for shareholders, try to put yourself in the position of a shareholder of the listed company. Based on the information in the tweet, would you buy (positive), sell (negative), or hold (neutral) your shares?

1. Positive 2. Neutral 3. Negative INFORMATION DEPTH

H1: Is a link present in the tweet? Only look at the tweet as presented in the Excel file.

Example: “RT @fion_li: #Taiwan Dollar Poised for Worst Quarter Since 2011 Amid Outflows http://t.co/KOC8NxrGVg via @business @justinaknope”  Coded as „Yes“

1. Yes 2. No 3. Tweet is online not available anymore

H2: What is the link in the tweet referring to? Please indicate the source of the link in the box behind the applicable answer category. Multiple answers are possible. Be aware : Only code the sources that are visible from the tweet itself on Twitter. Do NOT look up the link in the tweet and code the sources from the link. In case of a photo, please indicate in short what is shown (e.g., the White House, the logo of VW, a Tesla car, etc.). Only code the picture that is clearly added to the tweet. In case, there is a small picture from the article the tweet is referring to, do NOT code this as "picture."

1. News item/website Example: “RT @fion_li: #Taiwan Dollar Poised for Worst Quarter Since 2011 Amid Outflows http://t.co/KOC8NxrGVg via @business @justinaknope“  Coded as “bloomberg.com”

2. Photo Example: “Tesla delivers Model X electric SUV to take on luxury carmakers http://t.co/pwRwh98KLV http://t.co/3IxHtPH1jz“  Coded as “Tesla car”

3. Video Example: “RT @ZSchneeweiss: Full Video: #ECB's Nowotny Wary of Expanding #QE Program http://t.co/LgDqPFgXT8 via @FerroTV http://t.co/BTVgx2FQgr “  Coded as “bloomberg.com”

4. Corporate website (e.g., press release, announcement) Example:“http://www.slb.com/news/press_releases/2015/2015_0826_slb_cameron.as px“  Coded as “slb.com”

5. Others Please indicate: ______

FINAL REMARKS I1: Do you have any remarks? Would you like to change any answer? Please state in the field below.

______APPENDIX 4.2

Cleaning of Dataset

Tweets Dataset

1. Remove duplicates reported by remarks, or by close inspection of the data 2. Four tweets by Nadine had the tweet ID instead of the time. (648508525308739000, 648502474710646000, 647459422114054000, 644177890985279000) 3. One date had to be adjusted from 0 to 10 (6,42006E+17; N.Y. police commissioner criticizes use of force in tennis star's arrest http://t.co/Hc6HRxu3I1) 4. The date of the tweet: “RT @business: Resignation statement from #Volkswagen CEO Martin Winterkorn” had to be adjusted to 23/09 5. All tweets were checked for the alignment of days and dates (e.g., 10 of September all had to be a Thursday)  Monday was coded 14 times too much  Tuesday was coded 13 times too less  Wednesday was okay  Thursday was coded 2 times too much  Friday was coded 6 times too less 6. Remark on “previous tweets on strikes, intervention should be coded as politics, if politicians mentioned” was checked; nothing had to be corrected for that day. 7. Tweets to be re-coded because they were not fully extracted by the script (excludes RT, because they cannot be reliably found online anymore):

6,48853E+17 U.S. home price growth steady in July: recoded S& 6,48856E+17 Goldman Sachs now expects the S& recoded 6,46684E+17 Here's what leading firms are saying about recoded regulatory change & 6,41979E+17 Brazil's currency, stock futures drop on recoded S& 6,48871E+17 When it comes to M& recoded, but n/a on Twitter 6,48885E+17 Credit Suisse: There's a Growing Threat of a recoded Major Top in the S& 6,44537E+17 Chileans pick through debris after powerful recoded quake 6,44544E+17 Here's what it costs to protect your S& recoded 6,44907E+17 #FF @insidefinance recoded 6,38748E+17 Exclusive: Mexico withheld millions in tax recoded refunds from P& 6,38751E+17 London‰Ûªs Fortnum & recoded, but n/a on Twitter 6,44556E+17 How sentiment indices can help investors recoded make sense of conversation in news & 6,43842E+17 Comparing every financial asset, asset recoded manager or investor to the S& 6,43851E+17 Malone still seeking common ground for recoded, bud Liberty-Vodafone M& n/a on Twitter 6,48937E+17 Dow Jones, S& recoded, but n/a on Twitter

8. Stocks were checked for the right spelling and double -checked, whether they are really listed. 20 stocks had to recoded as non-listed firms. 9. Novelty had to be coded manually.  Some topics needed to be recoded: – Goldman and Citi analysts are divided over the durability of the oil rally http://t.co/V8REM5FU9l http://t.co/EUPt8j5wCn (01/09/2016) industry/oil rally – Russia overhauls budget approach - and it?€™s because of oil prices http://t.co/O8RHYDKoVE http://t.co/36eqSdZq2o (09/09)  national economy/russia/budget – RT @business: Brazil downgrade leaves firms with $270 billion debt hangover http://t.co/0wYzVvSArq http://t.co/mja5EOOfyn (18/09) US/treasuries

Stock Market Datasets

1. DJI 16092015: 16500 is missing – therefore, 165500 was used for 20 minute interval in the trading strategy analysis 2. Missing 5-minute intervals were substituted with the mean of the previous and the following stock market price (closing price). This occurred only four times in total. APPENDIX 4.3

Table for Descriptives

Descriptives of Variables for VAR Analyses

Variables 1-Hour 20-Minutes 5-Minutes Mean SD Mean SD Mean SD All News |∆DJI Closing | 53.641 54.493 24.54 21.113 13.057 17.724 ∆News Volume 0 8.406 9 3.392 0 1.358 ∆Retweets -1.014 348.925 -.019 142.810 -.076 74.058 -.151 152.285 -.692 72.341 -.023 38.006 ∆Favorites Updates 4.849 544.118 -.246 221.603 0 74.923 ∆ .027 3.89 -.017 2.055 0 .786 Expert Opinion ∆ .021 3.915 0 1.851 0 .906 ∆Hope .007 3.728 -.005 1.918 -.001 .967 ∆Fear -.014

Market-Wide News 53.641 54.493 24.54 21.113 |∆DJI Closing | -.048 7.283 9 2.871 ∆News Volume -1.61 273.556 -.014 116.33 ∆Retweets -.438 112.483 -.578 58.697 3.301 539.276 -.179 216.502 ∆Favorites Updates .007 3.581 -.017 1.913 ∆ -.007 3.034 0 1.414 Expert Opinion ∆ -.048 2.990 0 1.632 ∆Hope -.014 ∆Fear 3

Firm-Specific News 53.641 54.493 |∆DJI Closing | -.014 3.937 ∆News Volume -.329 213.185 ∆Retweets -.192 100.219 0 84.691 ∆Favorites Updates 0 1.215 ∆ -.021 2.211 Expert Opinion ∆ 0 2.094 ∆Hope ∆Fear Notes. The high standard deviations are due to the counting characteristics of the variables (e.g., number of retweets, favorites). The VAR models were checked for robustness by means of the LM test, the Portmanteau (Q) statistics, and the Eigenvalue stability condition test. Chapter 5

News Media Coverage and Initial Public Offerings in Germany: Explaining Flotation Performance APPENDIX 5.1

Codebook for Manual Content Analysis

GENERAL INSTRUCTIONS

13. To code the article, please use the following Qualtrics online survey: https://uvacommscience.qualtrics.com/SE/?SID=SV_ewKlBHWdtGk82R7 14. Code the article according to the questions asked in the online survey. 15. Be aware: Do not code the disclaimer of an article. This information is provided by the company/IPO itself and is just copied and pasted. The disclaimer does also include a short description of the company. 16. In case of any uncertainties, please refer back to the instructions given in the codebook. 17. If there were any problems during the coding process, you can leave your comments in the box “Remarks,” which appears at the end of each online survey round. 18. Finish the survey by clicking on “Processing.” 19. Start with the coding of a new article. GENERAL INFORMATION

A1: Who is coding? 3. Jeannine 4. Sibylle 5. Nadine

A2: What is the identification name of the article? (e.g., “Adlermodemärkte_0.txt”) ______

A3: Is the article dealing with the IPO firm that is assigned to the article you are coding? Explanation: Some articles might mention the name/word “Ferrari” or “O2,” but are not specifically dealing with the firms that are going public (IPO). In those cases, the article is perceived as NOT RELEVANT and is coded as “No.” You can find out about this by using the keyword search, looking for the name of the IPO and reading the sentences/paragraphs in which the name occurs. This does not mean that it has to be specifically mentioned that the company is going to have an emission (IPO). The plain mentioning of the company as such is sufficient to be coded as a relevant article.

Example: „Der Sportwagenverkäufer zeigt ein Video, in dem ein Herrenschneider im roten Ferrari durch Lissabon braust und seiner betuchten Kundschaft Maßanzüge vorbeibringt.”  Coded as “No,” because it’s NOT about the company Ferrari, but about the car.

1. Yes 2. No

Routing: if “No”, then directed to the end of the survey.

A4: Is the article written in German? 1. Yes 2. No

Routing: if “No”, then directed to the end of the survey.

A5: What is the name of the stock/IPO you are coding? To which stock/IPO is the article assigned? Choose one from the drop down menu.

1. BAIC 2. Zalando 3. Rocket Internet 4. etc. A6: What is the name of the newspaper/source? Choose one from the dropdown list.

1. Aachener Nachrichten 2. Aachener Zeitung 3. Etc. 4. Others

Routing: if “Others”, then directed to A6a

A6a: What is the name of the source? ______

A7: What’s the date of the article? ______(day/month/year)

A8: How many words does the article encompass? ______(number of words) FOCUS OF THE NEWS

B1: What is the most prevailing topic of the entire article? Please indicate to which type of financial news the article can be allocated.

1. Stock Exchange/Financial Market News Explanation: The article deals about recent news on the stock market, how the stocks/markets performed the day before, how they are assumed to perform in the future, or any stock market recommendation analysis. Articles dealing with the preparation of an emission of a company are also considered as stock exchange news.

2. General News on Businesses/Firms/Organizations Explanation: The article deals about news concerning a certain firm/company/organization. This could be news about a new product of a company, restructuring of an organization, cutting jobs, CEO statements, interviews, etc.

3. General News on Economic Topics Explanation: The article deals with economic news on a regional, national or international level. News can be about market indicators (e.g., CPI, GDP), financial institutions (e.g., ECB, FED), or other market assessments.

3. Weekly/Daily Preview & Upcoming Appointments Explanation: The article is a preview of economic dates in the upcoming day/week. The article mainly lists upcoming appointments on the stock market (e.g., date of an IPO), economy (e.g., release of CPI, GDP), or businesses (e.g., release of quarterly earnings).

5. Others Explanation: To be coded as “Other,” the article does not fit in the above-mentioned topics. Code “Other” only when the article can really not be assigned to one of the topics mentioned before. Please indicate in short the most prevalent news topic/focus of the article instead. SENTIMENT

C1: What is the sentiment expressed towards the IPO?

Explanation: Read the paragraphs/sentences in which the IPO is mentioned and assess whether the sentiment directed towards the IPO is mainly positive, negative or neutral. Sentiment can be assessed regardless of the time frame that is addressed (past, present, future). In case of uncertainty, try to weight the positive paragraphs against the negative and neutral paragraphs and identify which sentiment is more present. For example, an article is perceived positive when there are three positive paragraphs, but only one negative. Three neutral, but only one negative would be neutral. If there is one negative, one positive and one neutral paragraph, the article would be coded as neutral – because the negative and the positive paragraph cancel each other out.

. Rather positive: The article/paragraphs are expressing foremost positive sentiment towards the IPO (e.g., enthusiasm, a positive tone of voice). Upper range of a share price in the preparation of an IPO means positive news. Example: “Die Aktien der Cosmo-Tochter Cassiopea sind früher als erwartet an die Börse gekommen. Der erste Kurs der Aktien lag bei 35 CHF und damit über dem Ausgabepreis von 34 CHF. “ . Neutral/balanced: No clear prevalence of positive or negative expressions. The article/paragraphs are perceived as neutral. Example: “Evonik wird zum Börsenstart mit 15 Milliarden Euro bewertet“ Rather negative: The tone of voice of the article/paragraphs is foremost negative (e.g., aggression, skepticism, offence). Sarcasm is also understood as a negative sentiment. Bottom range of a share price in the preparation of an IPO means negative news. Example: “Keinem der chinesischen Joint-Venture-Partner mit deutschem Partner - ob SAIC, FAW (Audi und VW), BAIC (Daimler) oder Brilliance (BMW) - ist es bislang gelungen, ein weltmarkttaugliches Auto zu produzieren.“

1. Rather positive 2. Neutral/balanced 3. Rather negative CORPORATE INFORMATION

D1a: What is the information on the IPO about? Please choose from the options below or write down an alternative behind the box “Other.” Multiple answers are possible.

Explanation: Read the paragraphs in which the IPO is mentioned and identify the category of corporation information. Example: “Tatsächlich versucht die LEG mit einer anderen Story zu überzeugen: Aufgrund der niedrigen Verschuldung von lediglich 48 Prozent (LTV) könnten mit den erwarteten Erlösen aus dem Börsengang kurzfristig 10 000 Wohnungen erworben und dank moderner IT-Plattform nahezu ohne zusätzlichen Sachaufwand gemanagt werden“  Coded as “4. Change in strategy/Erwerbung neuer Wohnungen, moderne IT- Plattformen ermöglichen einfaches Management” Example: "Im frühen Handel an der Wall Street wurden die Titel zuletzt allerdings 1,00 Prozent tiefer bei 22,77 Dollar gehandelt”  Coded as “Performance of the IPO,” because share value on the day of the IPO

12. Preparation/plans/date of the IPO Explanation: All information on the emission before the actual IPO takes place. This includes: the price determination, the demand for shares of the IPO beforehand, price range of shares of the IPO.

13. Performance of the IPO Explanation: This includes information on how the emission of the firm went. Was the emission successful or not? What happened on the day when the IPO went public? Did the shares of the company fall/rise? Has the closing price of the shares exceeded expectations or not? This item also includes information on the performance of an IPO in another country (e.g., when the article deals with the performance of an emission of company XY on another stock market.

14. Crisis/scandals Explanation: Does the article deal with a manipulation scandal, evasion scandal, the financial crisis, or other crises/scandals? The crisis should be stated as such or should become prevalent from the article itself; a postponed IPO is not a scandal/crisis per se – only if stated as such in the article, e.g., “causes financial problems for the company,“ “the firm faces insecurities,” “it’s the company’s last chance to raise money.”

15. Lawsuit/trial/juridical cases Explanation: The article deals with a lawsuit a juridical case of the company/IPO. Is the company or significant personalities of the company (CEO/CFO) charged with a crime? This also includes articles in which the outcome of a trial is reported. 16. Financial performance Explanation: Financial performance is present when the article deals with the company’s turnovers, earnings, or the share value. However, NOT the opening price of the IPO, and also not the performance of the share value during the day of the IPO. This will be coded as “Performance of the IPO.” Share value is only coded as financial performance when the article deals with the share value of the company/IPO in another country/stock exchange where the company is already traded publicly on the market. Furthermore, financial performance is also coded when the article deals about “growth” or growth in the industry where the IPO can be situated. Another indicator of financial performance is the increase of credit volume.

17. News on CEO/management/executives/board Explanation: Is the article dealing with news on the management of the company/IPO? This does NOT mean that the CEO is cited in the article, but the information should clearly be related to the CEO (e.g., past education, new election of a board member, information about the private life).

18. Change in management Explanation: Is the article dealing with a change in the constellation of the executive board? Is there a management shift? Is a member of the executives team exchanged? Or is a new member elected to the managing board?

19. Change in strategy Explanation: Change in strategy does include information on changing structures within the company. For example, the expansion (e.g., opening up a new headquarter/department), closing departments, investments in an existing/or new division, job cuts, plans to invest in growth or debt reduction. Please state in short below. ______

20. Merger & acquisition Explanation: Merger & acquisition includes the buying-in of new businesses, the acquisition of a new division/sector/department from another business. However, this item is only coded for recent actions, not M&As in the past; it does NOT mean investments per se (see category “Change in strategy”), but deals with the acquisition of new businesses from another firm.

21. Product of the company Explanation: Is the article dealing with a product/service of the company/IPO? Is the quality, the success of a particular product, or the demand for a particular product discussed/mentioned in the article?

22. New product developments Explanation: Is the article dealing with a new product of the firm/IPO? Is the company going to release a new product? Are they developing a new technique/service? Are there plans to expand the product range/service range? 23. Other corporate information Explanation: Please state relevant corporate information here in short if they cannot be allocated to one of the categories listed above. ______

FINAL REMARKS

E1: Was the article fully available?

1. Yes 2. No

E2: Do you have any remarks? Would you like to change any answer? Please state in the field below.

______WIKI: LIST OF IPO EXPRESSIONS AND THEIR MEANINGS

Überzeichnung: Von einer Überzeichnung im Rahmen eines Börsenganges, einer Umplatzierung oder der Emission von jungen Aktien nach einer Kapitalerhöhung spricht man, wenn bei einer Wertpapieremission die Nachfrage nach dem emittierten Wertpapier größer als das Angebot ist. Kann dagegen nur ein Teil der angebotenen Papiere platziert werden, so spricht man von einer Unterzeichnung.( https://de.wikipedia.org/wiki/Überzeichnung)

Emission Emission ist die Ausgabe von Wertpapieren und deren Platzierung an einem organisierten Geld- oder Kapitalmarkt (Börse oder Private Placement). Auch die Ausgabe von Geld als gesetzlichem Zahlungsmittel durch die Notenbank wird Emission genannt. (https://de.wikipedia.org/wiki/Emission_(Wirtschaft)

Privatplatzierung Eine Privatplatzierung, auch englisch Private Placement und umgangssprachlich Placing, ist eine nicht öffentliche („private“) Emission von Vermögensgegenständen (https://de.wikipedia.org/wiki/Private_Placement) Greenshoe-Option Eine Greenshoe-Option (auch Over-allotment Option oder Mehrzuteilungsoption) ist eine Wertpapierreserve eines Emittenten (Aktiengesellschaft) bei einem Börsengang im Rahmen eines Bookbuilding-Verfahrens. Genauer handelt es sich um eine Put-Option, die der oder den Konsortialbanken (Lead- Underwriter) das Recht einräumt, nachträglich zusätzliche Wertpapiere zum Emissionspreis auszugeben. Der englische Name kommt von dem gleichnamigen Unternehmen (heute Stride Rite Corporation), das als erstes solche Papiere ausgab. (https://de.wikipedia.org/wiki/Greenshoe) (nicht) vollständig Ein IPO erfolgt erfolgreich, wenn alle Aktien vollständig platziert platziert wurden. Ein Börsengang wäre weniger erfolgreich, wenn nicht alle Aktien platziert werden können. Mit anderen Worten, es gibt zu wenig Nachfrage für die IPO Aktien und es stehen noch Aktien der IPO Firma zum Verkauf. (siehe: https://de.wikipedia.org/wiaki/Börsengang) APPENDIX 5.2

Cleaning of Dataset

Steps of Data Cleaning

1. Original Dataset = 6,370 articles 2. Deleting non-relevant articles, non-German articles, duplicates, deleting all stocks that were not first listed in Frankfurt, articles that are not within 6 days before the IPO and the day of the IPO itself 3. Reviewing remarks: – Deleting duplicates: 11articles – Deleting articles that only contain a table of contents or description of a picture – Variables to change:  ChinaSpeciality_9.  Date/30/06/2011  Braas Monier_112.txt  20/06/2014  Braas Monier_105.t  23/06/2014  Schaeffler1_26.  Sentiment  positive  Zalando17_85.  Sentiment  neutral  Siltronic_splittedSiltronic_0406-11062015_51.txt  Sentiment  neutral  Windeln_8.  CorpInfo PerformanceofIPO  Stabilus_83. & Stabilus_89.  CorpInfo/PerformanceofIPO  PreparationIPO  Schaefler3_126 Availability  No  Talanx2_38  IPO/Talanx  Kion1_128.txt  IPO/KION  Remark “Articles before was not performance of IPO” was checked, but articles were indeed about performance of IPO.  Schaeffler1_2. and Schaeffler1_5. were checked for the correct IPO name  nothing had to be changed  DeutscheAnnington2_15  Date/09/07/2013  UnitedPower_32.txt  Date 10/06/2011  Talanx2_190.txt  Date 25/09/2012  Hapag-Lloyd2_306  Hapag-Lloyd2_27  Elumeo_36  Availability  No  Covestro_110.txt  Availability  No  Hapag_Lloyd2_46  Availability  No  Zalando18_172  Availability  No  Pfandbriefbank_1_2.txt  Availability  No  Scout24_79.txt  Availability  No  KTGEnergieKTGEnergie_10.txt  “not relevant”  Hapag_Lloyd1_53.txt  Availability  No  Scout24_88.txt  Availability  No 4. Check for duplicates – Comparing amounts of words with IPO name, news source, and date – Deleting duplicates:  Rocket Internet4_44  Rocket Internet4_27  TeleColumbus_16  Zalando17_10  Hapag-Lloyd1_132  TeleColumbus_43.  Talanx2_65.  Zalando17_91.  Zalando17_132 – Zalando17_147  Schaefler2_147  Hapag-Lloyd1_82  Rocket Internet4_73  Zalando18_49  Zalando17_113 – Zalando17_129  Zalando17_112  Rocket Internet4_38  GSWImmo1_68  RocketInternet3_41  Hella1_48  Deutsche Annington1_134  Covestro_105  Lotto24_54  Hapag-Lloyd1_78  EDAG_splittedEDAG_1  Talanx2_96  ChinaSpeciality_7  Zalando17_79  Talanx2_121  Schaefler3_105  Rocket Internet4_45  Rocket Internet3_195  Zalando17_104  Schaeffler1_1, Schaeffler1_3 - Schaeffler1_9  Zalando17_48  Deutsche Annington1_173  Schaefler2_27  Steilmann_36  Rocket Internet4_48  Rocket Internet4_54  Powerland_93  Rocket Internet4_30  Rocket Internet4_23  Zalando17_94  Talanx2_189  RocketInternet2_107  Zalando16_143  Zalando17_85  Rocket Internet4_53  Elumeo_37  Schaeffler1_10  Hapag-Lloyd1_66  Scout24_25  Hapag-Lloyd1_42  Rocket Internet4_50  Covestro_68  RocketInternet3_198  Zalando17_107  Schaeffler2_48  Zalando17_82  EDAG_splittedEDAG_29 – EDAG_splittedEDAG_30  Zalando17_9  Sixt_1_3  Rocket Internet4_26  Hapag-Lloyd1_104  Schaefler3_82  Rocket Internet4_41  Talanx2_85  Windeln_6  RocketInternet4_10  Pfandbriefbank_1_33  Pfandbriefbank_1_80  Hella1_11  Schaefler2_172  Rocket Internet4_39  Schaeffler1_75  Schaeffler1_43  Hapag-Lloyd1_46  Schaeffler3_14  Covestro_184  O2_29_84  Talanx2_86  Rocket Internet3_42 & Rocket Internet3_45  Rocket Internet3_143  Zalando17_8  Zalando17_88  United Power_57  DeutscheAnnington2_57 & DeutscheAnnington2_58 & DeutscheAnnington2_61 - DeutscheAnnington2_64  Schaefler2_94  Covestro_147  Schaefler2_176  Schaeffler1_79 5. CEO should not be citations by CEO with regard to the company, but dealing with the management or the CEO himself. Articles where CorpInfo/CEO was removed: – Ferratum_5 – Pfandbriefbank_1_124 – Hapag-Lloyd2_27 – Talanx2_161 – Hapag-Lloyd2_30 – RicketInternet4_123 Chapter 7

Financial Networks: Describing Network and Stock Price Dynamics During Quarterly Earnings Announcements APPENDIX 7.1

List of Keywords

Financial Keywords:

'earnings', 'FY2016', 'analyst', 'Quarterly', 'Annually', 'Operating results', 'fiscal', 'first- quarter', 'second-quarter', 'third-quarter', 'fourth-quarter', 'revenue', 'margin', 'profit', 'bullish', 'bearish','Wall Street', 'Wall St.', 'FY 2016', 'full year results', 'quarterly results', 'first quarter', 'second quarter', 'third quarter', 'fourth quarter', 'investor relations', 'earnings release', 'quarterly report', 'annual report', 'meet expectations','Q1', 'Q2', 'Q3', 'Q4','#trad*', '#stock*', '#invest*', '#option*', '#NYSE*', '#DJIA*', 'ticker/companyname results', 'ticker/companyname report', 'shares of ticker/companyname', 'stock of ticker/companyname', 'stake in ticker/companyname', 'ticker/companyname stock', 'ticker/companyname share'

Company Names: Nike; NKE J.P.Morgan; JPMorgan; JPM IBM Goldman; Goldman Sachs; GoldmanSachs; GS Johnson & Johnson; Johnson&Johnson; J&J; JNJ Microsoft; MSFT American Express; AmericanExpress; AXP Intel; INTC Travelers Companies Inc.; TravelersCompaniesInc; Travelers Companies; TravelersCompanies; TRV General Electric; GeneralElectric; GE 3M; MMM Apple; AAPL Caterpillar; Caterpillar Inc.; CaterpillarInc; CAT DuPont News; DuPont_News; DuPont; Du Pont; DD McDonald’s; McDonalds; MCD United Technologies; UnitedTechnologies; UTC; UTX Boeing; BA Coca-Cola; Coca Cola; CocaCola; KO Chevron; CVX Exxon Mobil; exxonmobil; XOM Merck; MRK Pfizer; Pfizer Inc.; PFE Procter & Gamble; Procter&Gamble; ProcterGamble; P&G; PG Disney; DIS The Home Depot; Home Depot; TheHomeDepot; HomeDepot; HD Cisco; CSCO Wal-Mart; Walmart; WalMart; WMT