Note(s): This table reports the summary statistics of textual opinion (OPN) from analyst reports and correlation with other variables. OPN is textual opinion measure calculated as percentage of positive word frequency minus percentage of negative word frequency. POS% is the number of positive words divided by the sum of the number of positive and negative words, and NEG% is the number of negative words divided by the sum of the number of positive and negative words. Length is the number of words in analyst report. OPN_all is alternative textual opinion measure calculated as the number of positive word minus negative word divided by the number of words in analyst report (Length). According to the recommendation of the analyst, the report is divided into five ranges: sell, underweight, neutral, buy and strong buy, and the following values are arbitrarily assigned to REC. Sell = 1, Underweight = 2, Neutral = 3, Buy = 4, Strong Buy = 5. SIZE is the log of market capitalization, and BM is the book-to-market ratio at the end of year. VOLUME is the log of trading volume of a firm