The Buried
Footnote Forensic Linguistics Analysis
on Corporate Disclosure Documents
Year-over-Year Drift ENB
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Certainty language minus hedging language in Risk Factors. Positive = assertive, negative = hedging-heavy.

Not enough filings yet to chart a trajectory. The EKG fills in as more filings are ingested for this issuer.

Risk-factor drift item_1a vs prior same-form filing, cosine similarity

  • 40-F 2017-02-17 vs 2016-02-19 98.3% boilerplate
  • 40-F 2016-02-19 vs 2015-02-19 98.2% boilerplate
  • 40-F 2015-02-19 vs 2014-02-14 95.0% boilerplate
  • 40-F 2014-02-14 vs 2013-02-15 99.1% boilerplate

Balance-sheet trends inventory, receivables, reserves & impairment vs prior year

  • Goodwill impairment charge FY 2015-12-31
    $440.0M charge · +1% of assets

Balance-sheet language forensic risk vocabulary shifting in MD&A / financials vs prior year

  • Receivables risk language
    density 0.35→0.64 / 10k chars (8→16 mentions) · new: credit loss, expected credit loss