Textual analysis, implemented at scale, has become an important addition to the methodological toolbox of finance. In this paper, given the proliferation of papers now using this method, we first provide an updated review of the literature while focusing on a few broad topics—social media,...

We examine gender usage in a sample of 89,195 annual reports filed with the SEC during 1996-2013. We find that, after adjusting for other effects, annual reports by younger firms use proportionally more female-linked words than documents created by older, more mature companies. This finding...

Textual analysis, implemented at scale, has become an important addition to the methodological toolbox of finance. In this review, given the proliferation of papers now using this method, we first provide an updated survey of the literature while focusing on a few broad topics—social media,...

Public companies in the United States are required to file annual reports (i.e., Form 10-K) and disclose, among other things, the risk factors that may harm their stock price. The risk of a pandemic was well-known before the recent crisis, and we now know that the initial impact on many...