| Summary: | Using the dictionary-based approach to measure the sentiment of finance-related texts is primarily
focused on English-speaking content. This is due to the need for domain-specific dictionaries
and the primary availability of those in English. Through the contribution of Bannier et al.
(2019b), the first finance-related dictionary is available for the German language. Because of
the novelty of this dictionary, this paper proposes several reforms and extensions of the original
word lists. Additionally, I tested multiple measurements of sentiment. I show that using the edited
and extended dictionary to calculate a relative measurement of sentiment, central assumptions
regarding textual analysis can be fulfilled and more significant relations between the sentiment of
a speech by a CEO at the Annual General Meeting and subsequent abnormal stock returns can be
calculated.
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