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Using a broad sample of consumer reviews posted on Amazon.com, I examine whether the linguistic tone of aggregate consumer product reviews conveys information that is associated with firms\u2019 sales, earnings, stock returns and risk. I find that aggregate review tone successfully predicts a firm's forthcoming quarterly sales. Moderating analyses show that this predictability is stronger for firms operating in a highly competitive environment. I further find that review tone predicts a firm's quarterly earnings surprises, abnormal stock returns and risk. A path analysis shows that the effect of review tone on stock prices is partially channeled through its effect on firms\u2019 earnings. I finally find that negative review tone is more informative and useful than positive tone in predicting a firm's fundamentals. Importantly, these results hold after controlling for other review characteristics, including review rating, review volumeand review dispersion. Overall, my findings highlight the importance of considering the tone of consumer reviews when evaluating a firm's prospects and value.<\/jats:p>","DOI":"10.1111\/jbfa.12680","type":"journal-article","created":{"date-parts":[[2022,12,7]],"date-time":"2022-12-07T22:04:40Z","timestamp":1670450680000},"page":"1910-1942","update-policy":"https:\/\/doi.org\/10.1002\/crossmark_policy","source":"Crossref","is-referenced-by-count":4,"title":["More than words: Can tone of consumer product reviews help predict firms\u2019 fundamentals?"],"prefix":"10.1111","volume":"50","author":[{"given":"Shunyao (Cynthia)","family":"Jin","sequence":"first","affiliation":[{"name":"College of Business Fairlane Center South University of Michigan\u2013Dearborn  Dearborn Michigan 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