Table A2 Positive and negative word...

Table A2

Positive and negative word frequency in analyst reports

No.	Panel A. Positive word				Panel B. Negative word
No.	Word		Frequency	Percentage	Word		Frequency	Percentage
1	Improvement	개선	10,358	0.069	decrease	하락	7,021	0.092
2	Buy	매수	5,311	0.035	Depression	부진	5,830	0.076
3	Possible	가능	5,004	0.033	Below	하회	4,173	0.055
4	Exceed	상회	4,703	0.031	downward	하향	3,399	0.045
5	Upward	상향	4,079	0.027	Loss	적자	2,990	0.039
6	Stability	안정	4,076	0.027	Temporary	일회	2,478	0.032
7	Recovery	회복	3,928	0.026	restriction	제한	2,456	0.032
8	Improvement of performance	실적 개선	3,870	0.026	Slowdown	둔화	2,444	0.032
9	Win a contract	수주	3,301	0.022	Short-term	단기	2000	0.026
10	Favorable	호조	2,919	0.019	Difficult	어렵	1705	0.022
11	Real	본격	2,884	0.019	Degradation	악화	1,632	0.021
12	Value	가치	2,802	0.019	Uncertainty	불확실성	1,582	0.021
13	Buying recommendation	의견 매수	2,797	0.019	Downgrade	하향 조정	1,554	0.020
14	Increase in profit	이익 증가	2,685	0.018	Decrease of profit	이익 감소	1,482	0.019
15	Strategy	전략	2,424	0.016	Negative	부정적	1,341	0.018

No.	Panel A. Positive word				Panel B. Negative word
No.	Word		Frequency	Percentage	Word		Frequency	Percentage
1	Improvement	개선	10,358	0.069	decrease	하락	7,021	0.092
2	Buy	매수	5,311	0.035	Depression	부진	5,830	0.076
3	Possible	가능	5,004	0.033	Below	하회	4,173	0.055
4	Exceed	상회	4,703	0.031	downward	하향	3,399	0.045
5	Upward	상향	4,079	0.027	Loss	적자	2,990	0.039
6	Stability	안정	4,076	0.027	Temporary	일회	2,478	0.032
7	Recovery	회복	3,928	0.026	restriction	제한	2,456	0.032
8	Improvement of performance	실적 개선	3,870	0.026	Slowdown	둔화	2,444	0.032
9	Win a contract	수주	3,301	0.022	Short-term	단기	2000	0.026
10	Favorable	호조	2,919	0.019	Difficult	어렵	1705	0.022
11	Real	본격	2,884	0.019	Degradation	악화	1,632	0.021
12	Value	가치	2,802	0.019	Uncertainty	불확실성	1,582	0.021
13	Buying recommendation	의견 매수	2,797	0.019	Downgrade	하향 조정	1,554	0.020
14	Increase in profit	이익 증가	2,685	0.018	Decrease of profit	이익 감소	1,482	0.019
15	Strategy	전략	2,424	0.016	Negative	부정적	1,341	0.018

Note(s): This table indicates top15 positive and negative word frequency in analyst reports by KOSELF. Analyst reports issued during 2016–2018 for KOSPI 200 are used. The reported frequency with percentage represents keyword frequency appearing body of the content from reports after applying morpheme analysis using KoNLPy

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