Based on textual analysis and a comparison of cybersecurity risk disclosures of firms that
were hacked to others that were not, we propose a novel firm-level measure of cybersecurity …

We develop a new measure of innovation using the text of analyst reports of S&P 500 firms.
Our text-based measure gives a useful description of innovation by firms with and without …

I use machine learning to extract the risk factors identified by firms in their annual
disclosures, quantify firms' exposure to each risk, and construct mimicking portfolios that …

We analyze the relation between digitalization and the market value of US insurance
companies. To create a text‐based measure that captures the extent to which insurers …

Inconsistent with concerns of uninformative boilerplate or 'copy and paste'disclosure, I find
that managers time their identification of new risk factors and removal of previously identified …

The literature on cross-sectional stock return predictability has documented over 450 factors.
We take the perspective of an institutional investor and navigate this zoo of factors by …

I provide an economic model that justifies using bag-of-words, topic modeling, and machine
learning techniques to measure firms' risk exposures using the percentage they allocate to …

This paper assesses the current state of scholarly work on risk factor disclosures (RFDs) with
the goal of synthesizing existing literature and stimulating further research in this area. To a …

Prior research documents market responses to quarterly updates to annual risk factor
disclosures, suggesting quarterly risk factor updates are informative. In this study, we …

Managers' attention to different risk factors conveys important information to investors. This
paper examines the association between managers' risk attention allocation schemes and …