Certain words that many companies use in their annual reports—words like ethical, integrity and responsibility—are meant to convey trustworthiness. But research suggests that companies that use such words in annual filings known are often hiding their untrustworthiness.

The study found that use of “trust” words in annual statements was linked with a decreased interest in the stock of the company in question. Basing their findings on 21 words that seek to evoke a sense of trustworthiness, the authors also found that companies whose annual filings included the words tended to pay about $100,000 more in auditing fees than firms without the words.

Companies using trust words were also about 15% more likely to receive a comment letter from the Securities and Exchange Commission asking them to clarify information on their annual report than companies that didn’t use trust words.

One of the researchers wrote, “Companies likely use trust words to project a positive image and better manage information within the annual report, but it seems that no one is really fooled.”