This study investigates whether and how changes in the information environment resulting from the issuance of comment letters during the initial public offering (IPO) process, as is newly implemented ...by stock exchanges in China, affect IPO quotes from institutional investors. We find a significant and negative association between IPO review intensity, measured as the number of comment letter questions issued by the stock exchange or the change in length between the initial and final prospectuses, and the number of quotes received by the firm from institutional investors. Further analyses reveal that IPO review intensity is negatively associated with the divergence of quotes received from institutional investors. Additional analyses reveal that institutional investors tend to pay more attention to questions indicating regulatory oversight than to questions requesting factual information disclosure. Overall, the findings of this study provide support for the hypothesis that the issuance of comment letters, as a part of the interaction between stock exchanges and equity-issuing firms during the IPO process, plays a significant oversight role and consequently influences investor decision-making.
The UK's 2050 net-zero emission target is one of the most ambitious goals in the world. Organisations should play a vital role by communicating a sufficient level of carbon emission information with ...the stakeholders. Motivated by the necessity of measuring the level of carbon disclosure, this paper provides a unique carbon emission disclosure measurement based on a sample of UK firms from 2013 to 2019. We apply different methods to assess the validity and reliability of our developed measurement. The results suggest that our measurement captures the actual CO2 emission, including scope 1, scope 2, and also captures the environmental, social and governance (ESG) score. Additionally, we explore the association between capital expenditure, corporate governance and the level of carbon emission disclosure. Further, the results show a positive relationship between capital expenditure and carbon emission disclosure. Also, there is a significant positive relationship between internal governance and carbon emission disclosure. Moreover, the analysis suggests that internal governance strengthen the relationship between capital expenditure and carbon emission disclosure. We also use quantile regression, and the findings show that capital expenditure and internal governance have a positive impact on carbon emission disclosure under all quantiles. Our data suggest that capital expenditure declines within the UK by around 53% over the last six years. Following the reduction in capital expenditure, the results demonstrate 39% decline in the CO2 emission level. The results also indicate that for every $1 million capital expenditure, approximately 2.75 Metric tons of carbon dioxide (MtCO2) emissions increase. Business investment is around 70% of the UK's total investment. Therefore, the reduction in capital expenditure is one of the primary reasons that might explain the decrease in the UK's overall CO2 emission level. The unique findings of this paper are relevant to the government, management and standard-setters.
•Novel measurement of corporate carbon emission disclosure.•Our novel carbon disclosure measurement encapsulates actual CO2 emission.•This measure also captures Environmental, Social and Governance (ESG) score.•Capital expenditure is positively related with carbon emission disclosure.•Internal governance moderates this relationship.
This paper is a literature survey about applications of textual analysis. It aims to provide brief description about the common textual analysis applications. The paper talks about the dictionary ...which is mostly, one of the main components for textual analysis applications. The paper highlights a number of related examples that were proved in previous published papers. Common features for the related examples are illustrated. And their results are discussed. It will be shown that “morphological and syntactic analysis” is a proved approach. Also, it will be shown that text similarity based on “morphological and syntactic analysis” approach has more accurate results than text similarity based on semantic approach
•We examine the first decade of the market for green bonds.•We model time varying correlations between green & black bond price benchmarks.•The connection between green and black bonds is sensitive ...to macroeconomic factors.•We outline three unique phases of development of the green bond market.•Textual analysis tools are used to define green bond market sentiment measures.
We examine the determinants of correlation patterns between green and black bond markets. Both the correlations and determinants are time-varying and estimated using a two-stage sequential methodology, extracting dynamic conditional correlations (DCC) in the first, then applying dynamic model averaging (DMA) in the second to establish the determinants of market correlations. We provide evidence that the connection between green and black bonds is sensitive to: changes in financial market volatility; economic policy uncertainty; daily economic activity; oil prices and; uniquely constructed measures of positive and negative news-based sentiment towards green bonds.
We examine the impact of digital transformation (DT) on performance using a sample of Chinese firms. Leveraging the recent advances in textual analysis and a manual reading of annual reports, we ...quantify whether a firm has DT and the extent of its DT. The results show that DT enhances a firm's performance. In addition, we document that when a firm has DT, it has lower cost, better operating efficiency, and better innovation success leading to better performance. After decomposing the DT into normal and excess DT, we document that the normal DT helps a firm's performance in the longer term while the excess DT can boost a firm's performance in the first two years. Additional analysis suggests that DT is most helpful for firms in the mature stage of their product life cycle.
Translanguaging is a new term in bilingual education; it supports a heteroglossic language ideology, which views bilingualism as valuable in its own right. Some translanguaging scholars have ...questioned the existence of discrete languages, further concluding that multilingualism does not exist. I argue that the political use of language names can and should be distinguished from the social and structural idealizations used to study linguistic diversity, favoring what I call an integrated multilingual model of individual bilingualism, contrasted with the unitary model and dual competence model. I further distinguish grammars from linguistic repertoires, arguing that bilinguals, like monolinguals, have a single linguistic repertoire but a richly diverse mental grammar. I call the viewpoint developed here a multilingual perspective on translanguaging.
Monetary policy uncertainty Husted, Lucas; Rogers, John; Sun, Bo
Journal of monetary economics,
11/2020, Letnik:
115
Journal Article
Recenzirano
Odprti dostop
•We construct a new index of uncertainty that the public perceives about Federal Reserve monetary policy actions and consequences, an MPU index, that usefully bridges periods of conventional and ...unconventional policymaking.•We demonstrate the additional information content of our measure compared to alternative measures of monetary policy uncertainty in the literature.•Shocks to MPU have negative transmission effects at both the aggregate level and firm level, even accounting for a large number of controls.•Estimated impulse responses from Cholesky and external instruments VARs show that higher MPU leads to larger credit spreads and lower output.•Higher MPU has persistent negative effects on firm-level investment in ways that are consistent with both investment irreversibility and financial frictions channels.
We construct a new measure of uncertainty about Federal Reserve policy actions and their consequences, a monetary policy uncertainty (MPU) index. We evaluate the information content of our index and document the usefulness of our index in bridging periods of conventional and unconventional policy making. We also estimate the aggregate effects of shocks to MPU on output, credit spreads, and other variables. Finally, we investigate the transmission channels of MPU, finding that heightened MPU leads to protracted declines in firm investment through both real options and financial frictions channels.
Relative to quantitative methods traditionally used in accounting and finance, textual analysis is substantially less precise. Thus, understanding the art is of equal importance to understanding the ...science. In this survey, we describe the nuances of the method and, as users of textual analysis, some of the tripwires in implementation. We also review the contemporary textual analysis literature and highlight areas of future research.
•Social media (Twitter) messages are used to construct sentiment measures.•Sentiment augmented asset pricing models are estimated using intraday stock returns.•Results show that stocks react to both ...firm specific and market wide sentiment.•We demonstrate that sentiment from social media carries ’pricing power’ against the stock market.
This paper tests whether sentiment extracted from social-media (Twitter), has pricing power towards stock market. Specifically, we evaluate whether firms’ intraday stock returns react to sentiment on the firm itself, and/or sentiment on the wider financial market. Using intraday high frequency stock returns for a sample of US companies, we show that price dynamics are susceptible to social-media sentiment pricing factors, with varying balances of importance for firm specific and market wide sentiment.
Psychology as a Historical Science Muthukrishna, Michael; Henrich, Joseph; Slingerland, Edward
Annual review of psychology,
01/2021, Letnik:
72, Številka:
1
Journal Article
Recenzirano
Odprti dostop
Psychology has traditionally seen itself as the science of universal human cognition, but it has only recently begun seriously grappling with cross-cultural variation. Here we argue that the roots of ...cross-cultural variation often lie in the past. Therefore, to understand not only how but also why psychology varies, we need to grapple with cross-temporal variation. The traces of past human cognition accessible through historical texts and artifacts can serve as a valuable, and almost completely unutilized, source of psychological data. These data from dead minds open up an untapped and highly diverse subject pool. We review examples of research that may be classified as historical psychology, introduce sources of historical data and methods for analyzing them, explain the critical role of theory, and discuss how psychologists can add historical depth and nuance to their work. Psychology needs to become a historical science if it wants to be a genuinely universal science of human cognition and behavior.
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