Using text analysis, this paper analyzes the textual features of clarification announcements released in the stock market. According to behavioral finance, cognitive psychology, event study and multivariate statistical methods are used to depict the characteristics of texts such as readability, descriptive approach, and structure. From the perspective of the reaction of stock prices, this paper explores whether the listed companies’ clarification announcements are effective and what influences their effectiveness, using investor attention as a moderating factor.