We document a unique determinant of financial systemic risks in China, share pledge financing (SPF) network, by studying all listed Chinese financial institutions that provide SPF business. As one of the most popular refinancing tools in China, SPF formulates a network among financial...

The World Wide Web contains a vast corpus of consumer-generated content that holds invaluable insights for improving the product and service offerings of firms. Yet the typical method for extracting diagnostic information from online content--text mining--has limitations. As a starting point, we...