Abstract
This study investigates information processing and return predictability from reporting textual uniqueness. Latest research describes a positive link between changes in financial reports and future returns for corporates in general. In this context, we exploit the unique homogeneity of U.S. Real Estate Investment Trusts (REITs) and find no significant impact of textual uniqueness on future returns, suggesting efficient processing of financial information in this environment. The effect of reporting textual uniqueness for firms from the financial sector is, albeit small, apparent. We argue that the documented strong effects cannot be readily generalized and may be dependent on the observed industry.
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