Table A1 Highest probability words among...

Table A1

Highest probability words among the positive and negative word list by KOSELF

Panel A. Positive words
N	Word		$F r e q (W_{i})$	$P (W_{i} \| U p)$	$P (W_{i} \| D o w n)$	$\frac{P (W_{i} \| U p)}{P (W_{i} \| D o w n)}$
1	Recommendation upgrade	의견 상향	110	0.0013	0.0001	18.1
2	Buy upgrade	매수 상향	42	0.0005	0.0000	16.1
3	Upgrade from the last recommendation	기존 상향	35	0.0004	0.0000	13.4
4	Exceed profit	이익 상회	11	0.0001	0.0000	12.7
5	Turnaround performance	실적 턴어라운드	11	0.0001	0.0000	12.7
6	Upward investment	상향 투자	21	0.0003	0.0000	12.1
7	Buy recommendation	의견 매수	52	0.0006	0.0001	10.0
8	Upward target	상향 목표	77	0.0009	0.0001	9.8
9	Upward adjustment	상향 조정	147	0.0018	0.0002	8.9
10	Profit surplus	이익 흑자	19	0.0002	0.0000	7.3

Panel A. Positive words
N	Word		$F r e q (W_{i})$	$P (W_{i} \| U p)$	$P (W_{i} \| D o w n)$	$\frac{P (W_{i} \| U p)}{P (W_{i} \| D o w n)}$
1	Recommendation upgrade	의견 상향	110	0.0013	0.0001	18.1
2	Buy upgrade	매수 상향	42	0.0005	0.0000	16.1
3	Upgrade from the last recommendation	기존 상향	35	0.0004	0.0000	13.4
4	Exceed profit	이익 상회	11	0.0001	0.0000	12.7
5	Turnaround performance	실적 턴어라운드	11	0.0001	0.0000	12.7
6	Upward investment	상향 투자	21	0.0003	0.0000	12.1
7	Buy recommendation	의견 매수	52	0.0006	0.0001	10.0
8	Upward target	상향 목표	77	0.0009	0.0001	9.8
9	Upward adjustment	상향 조정	147	0.0018	0.0002	8.9
10	Profit surplus	이익 흑자	19	0.0002	0.0000	7.3

Panel B. Negative words
N	Word		$F r e q (W_{i})$	$P (W_{i} \| D o w n)$	$P (W_{i} \| U p)$	$\frac{P (W_{i} \| D o w n)}{P (W_{i} \| U p)}$
1	Lower return	수익률 하향	31	0.00033043	1.2271E-09	269,279.0
2	Downward investment	하향 투자	27	0.00028779	1.2271E-09	234,533.5
3	Downward	각각 하향	19	0.00020252	1.2271E-09	165,042.3
4	Aftereffect	여파	14	0.00014923	1.2271E-09	121,610.4
5	Lower profit	이익 하향	12	0.00012791	1.2271E-09	104,237.6
6	Decline quarter	감소 분기	11	0.00011725	1.2271E-09	95,551.2
7	Raw material price	원료 가격	11	0.00011725	1.2271E-09	95,551.2
8	Downward quarter	하향 분기	10	0.00010659	1.2271E-09	86,864.8
9	Soaring prices	가격 급등	10	0.00010659	1.2271E-09	86,864.8
10	downgrade recommendation	의견 하향	125	0.00133237	3.6814E-05	36.2

Panel B. Negative words
N	Word		$F r e q (W_{i})$	$P (W_{i} \| D o w n)$	$P (W_{i} \| U p)$	$\frac{P (W_{i} \| D o w n)}{P (W_{i} \| U p)}$
1	Lower return	수익률 하향	31	0.00033043	1.2271E-09	269,279.0
2	Downward investment	하향 투자	27	0.00028779	1.2271E-09	234,533.5
3	Downward	각각 하향	19	0.00020252	1.2271E-09	165,042.3
4	Aftereffect	여파	14	0.00014923	1.2271E-09	121,610.4
5	Lower profit	이익 하향	12	0.00012791	1.2271E-09	104,237.6
6	Decline quarter	감소 분기	11	0.00011725	1.2271E-09	95,551.2
7	Raw material price	원료 가격	11	0.00011725	1.2271E-09	95,551.2
8	Downward quarter	하향 분기	10	0.00010659	1.2271E-09	86,864.8
9	Soaring prices	가격 급등	10	0.00010659	1.2271E-09	86,864.8
10	downgrade recommendation	의견 하향	125	0.00133237	3.6814E-05	36.2

Note(s): This table reports the 10 highest probability words for positive and negative word list utilized for constructing KOSELF word list. The probability is based on the Bayesian rules, where $P (W_{i} | U p)$ indicates the conditional probability of word i under recommendation upgrade reports. It is calculated the ratio of frequency within upgrade reports of word i to total frequency of token consisting all upgrade reports. $P (W_{i} | D o w n)$ indicates the conditional probability of word i under recommendation downgrade reports. It is calculated the ratio of frequency of word i to total frequency within downgrade reports of word i to total frequency of token consisting all downgrade reports. When $P (W_{i} | U p)$ > $P (W_{i} | D o w n)$ ⁠, the word i appears more in upgrade reports, implying the possibility of being positive words in KOSELF. In contrast, the word i has the possibility of being negative word list in KOSELF when $P (W_{i} | U p)$ < $P (W_{i} | D o w n)$

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