A Fin-Neg proportion is a
property of a specific document. The equity-event feature changes if that document is the full 10-K, the MD&A, or the
question-and-answer portion of an earnings call. This note is the document decision: what text is in the measure,
which published associations attach to which medium, and which implementation errors silently replace the document you
think you scored.
Learning objectives. By the end of this note you should be able to:
- distinguish file-date 10-K tone from conference-call tone and from a readability proxy;
- list the parsing tripwires that change the MD&A unit;
- state the survey’s warning against applying the 10-K lists to calls without modification;
- write the validation deliverable as a medium-specific check, not a portable alpha.
In this lesson
- Three different quantities
- Parsing the filing you claim to measure
- Readability is not tone
- Implementation: modify the list for the medium
- Validation deliverable for the document choice
- Five survey constraints on the deliverable
Before you start
The full lesson, with worked examples and exercise solutions, is for members.
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