This paper develops a text-based downside risk measure using corporate annual reports and assesses its ability to forecast future corporate policies. The forward-looking measure dynamically captures adverse firm conditions evolving from economic fundamentals. When the measure is below its sample...

Algorithms are playing crucial roles in mediating our daily lives, making our choices in an increasingly efficient and automatic manner. My dissertation argues that the tendency of automating our everyday life can potentially reduce our interactive relations into an automatic enforcement of...