This study investigates why financial analysts participate in non-covered firms’ conference calls. Consistent with the view that firms benefit from information commonalities and complementarities with connected peers, we hypothesize that analysts are more likely to participate in a non-covered...

We show that the uncertain talking at the European Central Bank’s press conference raises stock returns of the Eurozone. By decomposing the uncertain talking into two types, we find that the positive returns are driven by one type, the average meaning of which is represented by words "risk”,...

How to quantify the effects of international trade wars has attracted increasing attention from regulators, investors, managers, and policy makers. Adopting a novel machine learning method called word2vec from computational linguistics, this study constructs a text-based measure of trade war...

Management accounting is an important component of managerial decision making to help guide the overall business strategy in organizations. A management accounting index (MAI) can provide a quantitative measure of management accounting practices (MAPs) and help stakeholders determine an...

An essential element of the work of the Fund is to monitor and forecast international trade. This paper uses SWIFT messages on letters of credit, together with crude oil prices and new export orders of manufacturing Purchasing Managers' Index (PMI), to improve the short-term forecast of...

This study investigates whether and how insider trading in the credit default swap (CDS) market is influenced by the corporate board network, formed by interlocking boards. We find strong evidence that firms with a more centralized position in the board network experience a higher degree of...

In this study, we investigate whether the unpleasant mood of managers caused by air pollution leads to poorer decision-making quality. Using a sample of 9,282 firm-year observations from 2014 to 2017 in China, we show that 1) the mood of managers becomes more negative as air quality decreases;...

We study the responses of Chinese public firm chairpersons to their perceptions of bad luck pertaining to the Chinese zodiac year. We find that these perceptions of bad luck increase managers’ sense of risk and lead them to increase their corporate cash holdings, even though the actual...

The DRSK public model estimates forward-looking real-world default probabilities for publicly traded firms. The model also assigns credit grades based on the estimated default probabilities. The product covers firms in all regions and sectors of operation for which the necessary data is...

The DRSK private firm model produces estimates of real-world default probabilities (DPs) for private companies. The product covers all firms for which the requisite data is available, providing point in time DP term structures for about 500,000 private firms globally.This year, we are...