We estimate the risk premium for firm-level climate change exposure from 2003 to 2019. Exposure is constructed from discussions of climate-related risks and opportunities in earnings calls. When extracted from realized returns, the unconditional risk premium is zero. This insignificant overall...

We introduce a method that identifies firm-level climate change exposure from conversations in the earnings conference calls of more than 10,000 firms from 34 countries between 2002 and 2019. The method adapts a machine learning keyword discovery algorithm and captures exposures related to...

Using tools described in our earlier work (Hassan et al., 2019, 2020), we develop text-based measures of the costs, benefits, and risks listed firms in the US and over 80 other countries associate with the spread of Covid-19 and other epidemic diseases. We identify which firms expect to gain or...

We adapt simple tools from computational linguistics to construct a new measure of political risk faced by individual US firms: the share of their quarterly earnings conference calls that they devote to political risks. We validate our measure by showing it correctly identifies calls containing...

Many decisions are made based on persuasion. In the persuasion process, self-interested agents produce information to convince an evaluator to approve their proposals. Whether an evaluator will discount the agents' suggestions and reject their proposal is neither clear nor obvious. We highlight...

This study examines if geographical variation in the dominant religion of a firm's location is associated with its ownership structures. We contrast two Christian faiths, Protestantism and Catholicism, which—despite theological similarities—have been associated with contrasting preferences...