Mobilizing Text As Data

Bae, Jihun; Hung, Chung-Yu; Lent, Laurence van

doi:10.1080/09638180.2023.2218423

European Accounting Review

2023

DOI: 10.1080/09638180.2023.2218423

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Mobilizing Text As Data

Jihun Bae

Chung-Yu Hung

Laurence van Lent

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Cited by 13 publications

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References 101 publications

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“…This finding underlines the argument that, for text-based measures, the face validity of each individual bigrams matters little compared to the properties of the final compound measure (such as CCExposure)(Bae et al 2022). …”

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confidence: 56%

Pricing Climate Change Exposure

et al. 2023

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We estimate the risk premium for firm-level climate change exposure among S&P 500 stocks and its time-series evolution between 2005 to 2020. Exposure reflects the attention paid by market participants in earnings calls to a firm’s climate-related risks and opportunities. When extracted from realized returns, the unconditional risk premium is insignificant but exhibits a period with a positive risk premium before the financial crisis and a steady increase thereafter. Forward-looking expected return proxies deliver an unconditionally positive risk premium with maximum values of 0.5%–1% p.a., depending on the proxy, between 2011 and 2014. The risk premium has been lower since 2015, especially when the expected return proxy explicitly accounts for the higher opportunities and lower crash risks that characterize high-exposure stocks. This finding arises as the priced part of the risk premium primarily originates from uncertainty about climate-related upside opportunities. In the time series, the risk premium is negatively associated with green innovation; Big Three holdings; and environmental, social, and governance fund flows and positively associated with climate change adaptation programs. This paper was accepted by Colin Mayer, special issue on business and climate change. Funding: Funding is provided by the Deutsche Forschungsgemeinschaft [Grant 403041268 – TRR 266] (L. van Lent and R. Zhang), the Institute for New Economic Thinking (L. van Lent), the 111 Project [Grant B18033] (R. Zhang), the Shanghai Pujiang Program (R. Zhang), and the Ministry of Education Project of Key Research Institute of Humanities and Social Science (R. Zhang). Supplemental Material: The online appendix and data are available at https://doi.org/10.1287/mnsc.2023.4686 .

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Pricing Climate Change Exposure

et al. 2023

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Measuring firm exposure to government agencies

Armstrong,

Glaeser,

Hoopes

2024

Journal of Accounting and Economics

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News Bias in Financial Journalists’ Social Networks

2024

J of Accounting Research

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Connected financial journalists—those with working relationships, common school ties, or social media connections to company management—introduce a marked media slant into their news coverage. Using a comprehensive set of newspaper articles covering mergers and acquisition (M&A) transactions from 1997 to 2016, I find that connected journalists use significantly fewer negative words in their coverage of connected acquirers. These journalists are also more likely to quote connected executives and include less accurate language in their reporting. Moreover, they tend to portray other firms in the same network in a less negative light. Journalists’ favoritism bias has implications for both capital market outcomes and their careers. I find that acquirers whose M&As are covered by connected journalists receive significantly higher stock returns on the news article publication date. However, these acquirers’ stock prices reverse in the long term, suggesting market overreaction to news covered by connected journalists. Around M&A transactions, connected articles are correlated with increased bid competition and deal premiums. In terms of future career development, connected journalists are more likely to leave journalism and join their associated industries in the long run. Taken together, the evidence suggests that financial journalists’ personal networks promote news bias that potentially hinders the efficient dissemination of information.

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Mobilizing Text As Data

Cited by 13 publications

References 101 publications

Pricing Climate Change Exposure

Pricing Climate Change Exposure

Measuring firm exposure to government agencies

News Bias in Financial Journalists’ Social Networks

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