We investigate a novel dataset of more than half a million 15 second transcribed audio snippets containing COVID-19 mentions from major US TV stations throughout 2020. Using the Latent Dirichlet Allocation, an unsupervised machine learning algorithm, we identify seven COVID-19 related topics...

This paper is the first to empirically study the effects of different types of corporate culture on the risk-taking behavior of European banks. Based on a text analysis approach following the competing values framework, we analyze a hand-collected sample of 167 European banks from 2005 to 2015....

This paper studies central bank communication of the ECB as a potential factor that explains the contribution to systemic risk for a panel of large banks in the Eurozone between 2002 and 2018. The empirical evidence suggests that the ECB is able to use central bank communication to effectively...

German Abstract: Der Wandel der Finanzindustrie zeigt sich in wenigen Bereichen so deutlich wie im Zahlungsverkehr. So haben in den vergangenen Jahren sowohl privatwirtschaftliche Initiativen, wie z. B. die Diem Association, als auch einige Zentralbanken, u. a. die schwedische Riksbank und die...

In this study, we examine whether and how tone management affects future stock price crash risk, measured as the conditional skewness of firm-specific returns. We document a positive relationship between tone management and one-year-ahead crash risk. The relationship is more pronounced for firms...

In this study, we examine the predictability of firm-specific stock price crashes using modern machine learning techniques and develop a crash prediction model that utilizes both financial ratios and textual data from the Management Discussion and Analysis (MD&A) of 10-K files. We show that...