This paper investigates the relationship between corporate culture and the comovement of stock returns in US publicly listed firms. To do so, we conduct a textual analysis of firms’ 10-K reports and employ the bag-of-words methodology to capture a firm’s corporate culture based on the...

We explore peer effects in the readability of annual reports. Using Bonsall et al. (2017)’s BOG Index, we predict and find significant positive peer effects in the readability of 10-K filings. Specifically, a firm’s 10-K readability decreases by approximately 2.57%—2.63% following a one...

Chapter 1 Introduction -- Chapter 2 Literature Review: What is Culture? -- Chapter 3 Literature Review: What is Textual Analysis, and can we use it to Measure Corporate Culture? -- Chapter 4 Institutional Investors and Competition Culture -- Chapter 5 Competition Culture and Performance --...

This paper provides evidence on the impact of different types of institutional investors on a firm's thrust to compete. A firm's thrust to compete, as an attribute of corporate culture, captures the relative importance of corporate values that push a firm to achieve shareholder value in the...

This document outlines a text-based firm-level measure of organizational culture, parsing information from 214,910 annual 10-K filings of publicly-listed US firms over the period 1994-2017. We utilize the Organizational Culture Assessment Instrument (OCAI) to construct a dictionary of the...