This page contains some tools that are useful for the analysis of German business-related texts. Textual analysis is a method that is applied in various disciplines. It is sometimes also referred to as content analysis, natural language processing, or computational linguistics. Starting with the work by Tim Loughran and Bill McDonald, a growing literature finds significant relations between stock price movements and the sentiment of business texts as measured by word classifications.
In the following, you will find a master dictionary for the German language, the BPW dictionary, as well as a detailed description of the compilation of this list and some information on first applications.
Christina E. Bannier
Professor of Banking & Finance
Professor of Financial Services
The BPW Dictionary
For a detailed description of the BPW dictionary, its compilation, and evaluation, please refer to our methodological report. The BPW dictionary is free to use and you can find the respective files in the following. Please refer to our work as:
Bannier, C. E.; Pauls, T., & Walter, A. (2017). Content analysis of business specific text documents: Introducing a German dictionary. Working Paper.
Master dictionary: [Link]
Stop Word list: [Link]
Research using the BPW
Bannier, C. E.; Pauls, T., & Walter, A. (2018). Content analysis of business communication: introducing a German dictionary. Journal of Business Economics (Forthcoming). doi: 10.1007/s11573-018-0914-8
Bannier, C. E.; Pauls, T., & Walter, A. (2017). CEO-Speeches and Stock Returns. Working Paper. Available at SSRN: https://ssrn.com/abstract=2869785