We use machine learning methods to create a comprehensive measure of credit risk based on qualitative information disclosed in conference calls and in management's discussion and analysis section of the 10- K. In out-of-sample tests, we find that our measure improves our ability to predict...

We propose a measure of managerial ability, based on managers' efficiency in generating revenues, which is available for a large sample of firms and outperforms existing ability measures. We find that our measure is strongly associated with manager fixed effects, and that the stock price...

This paper develops a measure of disclosure investment strategy using data envelopment analysis (DEA) to apply a production formulation to firms' investments in mandatory and voluntary disclosures. Conceptually, the “disclosure production” of a firm consists of a variety of disclosure...