<p class="Paragraph1" style="text-align: justify; line-height: normal; margin: 0in 0.5in 0pt;"><span style="font-size: x-small;"><span style="font-family: Times New Roman;"><span lang="EN-GB">To the extent that relevant variables are well-defined or readily observable, empirical studies in finance typically employ classical investigative techniques and positivistic methodologies to measure and analyze financial phenomena.<span style="mso-spacerun: yes;"> </span>Many unanswered questions in modern finance however, rely critically on insight into the behavior or intentions of various agents, for which there may be no easily discernible proxy that lends itself to traditional quantitative analysis. Alternatively then, Patton (1990) notes that qualitative methods may be employed to discover “what people do, know, think, and feel”.<span style="mso-spacerun: yes;"> </span></span><span style="mso-ansi-language: EN-US; mso-fareast-language: AR-SA;">A particularly promising qualitative approach,<span style="mso-spacerun: yes;"> </span>recently introduced into financial studies </span><span style="mso-fareast-language: AR-SA;" lang="EN-GB">to discover the encoded investment objectives and activities of fund managers, </span><span style="mso-ansi-language: EN-US; mso-fareast-language: AR-SA;">is Ethnographic Content Analysis (ECA).<span style="mso-spacerun: yes;"> </span></span><span style="mso-fareast-language: AR-SA;" lang="EN-GB">In this paper, we review the literature on </span><span style="mso-ansi-language: EN-US; mso-fareast-language: AR-SA;">ECA </span><span style="mso-fareast-language: AR-SA;" lang="EN-GB">and offer an instructional set on the use of ECA in </span><span style="mso-ansi-language: EN-US; mso-fareast-language: AR-SA;">an analysis of official disclosure documents</span><span style="mso-fareast-language: AR-SA;" lang="EN-GB">.</span></span></span></p>