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Wednesday 18 February 2009. The Languages of Emotion and Financial News Ann Devitt Khurshid Ahmad. Sentiment and the Markets. Sentiment and the Markets. Specialised Language of Financial News. - PowerPoint PPT Presentation
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Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Wednesday 18 February 2009Wednesday 18 February 2009
The Languages of Emotion and Financial NewsAnn Devitt
Khurshid Ahmad
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Sentiment and the MarketsSentiment and the Markets
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Sentiment and the MarketsSentiment and the Markets
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Global chipmakers, battling slower technology
demand, are betting size matters as they pin their
hopes for future growth on small and easy to
carry mobile devices such as netbooks and
smartphones.
Specialised Language of Financial Specialised Language of Financial NewsNews
Bloomberg.com, 18/2/09
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Global chipmakers, battling slower
technology demand, are betting size matters as
they pin their hopes for future growth on small
and easy to carry mobile devices such as
netbooks and smartphones.
Specialised Language of Financial Specialised Language of Financial NewsNews
Bloomberg.com, 18/2/09
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Global chipmakers, battling slower technology
demand, are betting size matters as they pin their
hopes for future growth on small and
easy to carry mobile devices such as netbooks
and smartphones.
Specialised Language of Financial Specialised Language of Financial NewsNews
Bloomberg.com, 18/2/09
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Global chipmakers, battling slower
technology demand, are betting size matters as
they pin their hopes for future growth
on small and easy to carry mobile devices
such as netbooks and smartphones.
Specialised Language of Financial Specialised Language of Financial NewsNews
Bloomberg.com, 18/2/09
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Sentiment and the MarketsSentiment and the Markets
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Sentiment and the MarketsSentiment and the Markets
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Engle Ng (1993) Asymmetry CurveEngle Ng (1993) Asymmetry Curve
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
OutlineOutline
Current psychological theory of emotion
Evaluation of lexical “emotion” resources
Corpus analysis of language of “emotion”
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
OutlineOutline
Current psychological theory of emotion
Evaluation of lexical “emotion” resources
Corpus analysis of language of “emotion”
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Cognitive Theory of Emotion:Cognitive Theory of Emotion:CategoricalCategorical
Ekman (1975)
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Cognitive Theory of Emotion:Cognitive Theory of Emotion:DimensionsDimensions
Osgood / RussellEvaluationActivityPotency
Mehabrian PADPleasureActivationDominance
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Cognitive Theory of EmotionCognitive Theory of Emotion
Watson and Tellegen (1985)
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
OutlineOutline
Current psychological theory of emotion
Evaluation of lexical “emotion” resources
Corpus analysis of language of “emotion”
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Lexical Resource EvaluationLexical Resource Evaluation
SentiWordNet
WhisselWNA
General Inquirer
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Whissel
Lexical Resource Evaluation Lexical Resource Evaluation Senti WordNetSenti WordNet
SentiWordNet
WNA
General Inquirer
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Lexical Resource Evaluation Lexical Resource Evaluation Senti WordNetSenti WordNet
Word PositiveVal NegativeValHappy 0.9 0.0Sad 0.0 0.9
39066 termsEvaluation dimension scale: 0 - 1Low average: Pos=0.18, Neg=0.23More extreme Neg valuesError-prone: rude (pos 0.875), gladsome (neg 0.875)
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Lexical Resource Evaluation Lexical Resource Evaluation General InquirerGeneral Inquirer
SentiWordNet
WhisselWNA
General Inquirer
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Lexical Resource Evaluation Lexical Resource Evaluation General InquirerGeneral Inquirer
ECSTATIC Pos PleasureSORROWFUL Neg Pain
Hand-coded, content analysis basis8641 terms184 binary categories (including MAB dimensions)Negative > PositiveActive > PassiveStrong > Weak
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Lexical Resource Evaluation Lexical Resource Evaluation Whissel Dictionary of AffectWhissel Dictionary of Affect
SentiWordNet
WhisselWNA
General Inquirer
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Lexical Resource Evaluation Lexical Resource Evaluation Whissel Dictionary of AffectWhissel Dictionary of Affect
Word Eval ActivImag
great 2.6250 2.1250 1.0
disastrous 1.4444 2.4000 2.0Corpus selection, hand-coded8742 termsDimensional representation: 1-3 scaleEvaluation, Activation, Imagery
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Lexical Resource Evaluation Lexical Resource Evaluation WordNet AffectWordNet Affect
SentiWordNet
WhisselWNA
General Inquirer
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Lexical Resource EvaluationLexical Resource EvaluationWordNet AffectWordNet AffectWord BinaryFeatures
Loneliness cognitive state, emotionHappiness cognitive state, emotion
5432 termsDomains of emotional experienceNo PolarityShort-term: Mood, MannerLong-term: Attribute, Trait
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Lexical Resource EvaluationLexical Resource EvaluationLexical OverlapLexical Overlap
Are the lexica consistent?
Are they mutually exclusive?
Dice, Jaccard, Asymmetric coefficients
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Whissel
Lexical Resource EvaluationLexical Resource Evaluation Lexical OverlapLexical Overlap
SentiWordNet
WNA
General Inquirer
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
SentiWordNet
Lexical Resource EvaluationLexical Resource Evaluation Lexical OverlapLexical Overlap
General Inquirer
Whissel
WNA
1. Statistically significant agreement for Polarity Assignment (Chi square test)
2. Very weak correlation for activation features.
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
SentiWordNet
Lexical Resource EvaluationLexical Resource Evaluation Lexical OverlapLexical Overlap
General Inquirer
Whissel
WNA
1. Weak correlation of SWN with Whissel evaluation
2. No correlation with Whissel activation dimension
3. SWN positive negatively correlated with imageability
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
SentiWordNet
Lexical Resource EvaluationLexical Resource Evaluation Lexical OverlapLexical Overlap
WNAGeneral InquirerWhissel
1. SWN tends to negative for short term WNA features
2. SWN tends to positive for long-term WNA features
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Whissel
Lexical Resource EvaluationLexical Resource Evaluation Lexical OverlapLexical Overlap
SentiWordNet
WNA
General Inquirer
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Lexical Resource EvaluationLexical Resource Evaluation Lexical OverlapLexical Overlap
WNA feature division:Short-term Long-term
Negative Positive
Physical Cognitive
More active Less active
Internal External
Less abstract More concrete
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Lexical Resource EvaluationLexical Resource EvaluationSome conclusionsSome conclusions
The lexica:Are quite consistent
Can be used in combination
SentiWN: Largely unexplored territory
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
OutlineOutline
Current psychological theory of emotion
Evaluation of lexical “emotion” resources
Corpus analysis of language of “emotion”
General Language
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Emotion in General LanguageEmotion in General LanguageCorpus Study AimsCorpus Study Aims
Does “emotion” constitute a distinct sub-language?
Is there a polarity bias in General Language? (the Polyanna Hypothesis of Boucher and Osgood)
What is the impact of using different lexica?
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Corpus AnalysisCorpus AnalysisThe DataThe Data
BNC100 million words
Balanced, broad corpus
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Corpus AnalysisCorpus AnalysisMethodologyMethodology
Is emotion a distinct sub-language?
Examine distribution type
Examine distribution spread
Bootstrap sampling distribution
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Corpus AnalysisCorpus AnalysisDistribution TypeDistribution Type
Zipfian: BNC=Emotion Lexica
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Corpus AnalysisCorpus AnalysisDistribution shapeDistribution shape
Comparison of means: student t-test
BNC ≠ Emotion Lexica (p<0.000)
Different sample means5-30 times more frequent than gen. languageAssumptions of test?
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Corpus AnalysisCorpus AnalysisBootstrap Sampling DistributionBootstrap Sampling Distribution
Are sentiment-bearing terms a statistically distinct and highly frequent subset of English?
1000 random samples of terms from BNCSample size = size of sentiment lexiconH0: Observed sample falls inside within 95% of bootstrap random sampling distribution of means
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Corpus AnalysisCorpus AnalysisBootstrap Sampling DistributionBootstrap Sampling Distribution
Are sentiment-bearing terms a statistically distinct and highly frequent subset of English?
For all lexica: Mean term frequency of lexicon well outside 95%Sentiment lexica are not representative of BNC (p<0.05)
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Corpus AnalysisCorpus AnalysisSentiment FeaturesSentiment Features
Is there a polarity bias in General Language?
Positive polarity biasStatistically significant for all lexica (χ2 test of independence)
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Corpus AnalysisCorpus AnalysisSentiment FeaturesSentiment Features
Is there a polarity bias in General Language when you include intensity of polarity?
Positive polarity biasStatistically significant for all lexicaχ2 = 158.5, df=1, p<0.0001 for General Inquirerχ2 = 63.6, df=1, p<0.0001 for Whissel
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Corpus AnalysisCorpus AnalysisSome conclusionsSome conclusions
Sentiment-bearing terms are a distinct subset of English
Positive polarity bias in BNC
General Inquirer and Whissel: Low coverage and high frequency
SentiwordNet:Wide coverage and much lower frequency
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
OutlineOutline
Current psychological theory of emotion
Evaluation of lexical “emotion” resources
Corpus analysis of language of “emotion”Comparative
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Comparative Corpus AnalysisComparative Corpus AnalysisAimsAims
Examine affective term use
Identify statistically different distributions
Is there a dominant feature/polarity?
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Comparative Corpus AnalysisComparative Corpus AnalysisThe DataThe Data
Financial Language
2 million words
On-line financial news:•Reuters, CNN, Bloomberg
•Newspapers
General Language
BNC100 million words
Balanced, broad corpus
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Comparative Corpus AnalysisComparative Corpus Analysis The Data The Data
BNC sub-corpora
Imaginative written English16 million words
Informative written English70 million words
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Comparative Corpus AnalysisComparative Corpus AnalysisMethodologyMethodology
Compare proportions of Sentiment Features
χ2 Test of Independence
H0: π FinCorpus = π BNC
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Comparative Corpus AnalysisComparative Corpus Analysis Methodology Methodology
Statistical significance of different proportionχ2 > 7.8794p >= 0.005
Features: 41 Lexicon Sentiment Features from 4 lexicaFrequency per million words
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Comparative Corpus AnalysisComparative Corpus AnalysisFinancial CorpusFinancial Corpus
WRT Imaginative: More affective terms
WRT Informative: Many more affective terms
WRT BNC: Dependent on feature typeDistributions are statistically distinct
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Comparative Corpus AnalysisComparative Corpus AnalysisPositive GI FeaturesPositive GI Features
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Comparative Corpus AnalysisComparative Corpus AnalysisPositive GI FeaturesPositive GI Features
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Comparative Corpus AnalysisComparative Corpus AnalysisNegative GI FeaturesNegative GI Features
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Comparative Corpus AnalysisComparative Corpus AnalysisNegative GI FeaturesNegative GI Features
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Comparative Corpus AnalysisComparative Corpus AnalysisNegative GI FeaturesNegative GI Features
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Some conclusionsSome conclusions
Lexical resources for sentiment are consistent
Financial news is a sub-language: Affective content is statistically distinct relative to general language
Text polarity is asymmetric, positive skewDifferent skews for different domains
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Something to think aboutSomething to think about
If different language varieties and domains have distinct use of sentiment terms and their own polarity bias:Individual sentiment values are not informativeSo what do we need??
Ann DevittTrinity College Dublin
Wednesday 18 February 2009
Thank You!Thank You!
Ann.Devitt@cs.tcd.ie
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