Inhaltspezifische Aktionen

Textual Analysis

Textual Analysis


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. 


The Authors


Christina E. Bannier

Professor of Banking & Finance

Personal Site

Thomas Pauls

Assistant Professor

Personal Site

Andreas Walter

Professor of Financial Services

Personal Site


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. (2019). Content analysis of business communication: introducing a German dictionary. Journal of Business Economics, 89(1), 79-123. doi: 10.1007/s11573-018-0914-8 [Online-Appendix]


Master dictionary: [Link]

Stop Word list: [Link]

Methodological report: [Link


Research using the BPW


Röder, F.; Walter, A. (2019). What drives Investments flows into social trading portfolios? The Journal of Financial Reserach, forthcoming, doi: 10.1111/jfir.12174


Tillmann, P.; Walter, A. (2019). The effect of diverging communication: The case of the ECB and the Bundesbank. Economics Letters, 176, 68-74. doi: 10.1016/j.econlet.2018.12.035 


Bannier, C. E.; Pauls, T., & Walter, A. (2019). Content analysis of business communication: introducing a German dictionary. Journal of Business Economics, 89(1), 79-123. doi: 10.1007/s11573-018-0914-8 [Online-Appendix]


Bannier, C. E.; Pauls, T., & Walter, A. (2019). The Annual General Meeting revisited: The role of the CEO speech. Working Paper. Available at SSRN: