Market reactions to the 2019 novel coronavirus disease (COVID-19) provide new insights
into how real shocks and financial policies drive firm value. Initially, internationally oriented …

In the build-up to and especially in the weeks after the Russian invasion of Ukraine, stocks
more exposed to the regulatory risks of the transition to a low-carbon economy performed …

After fitting a topic model to 40,927 COVID-19–related paragraphs in 3,581 earnings calls
over the period Jan. 22–Apr. 30, 2020, we obtain firm-level measures of exposure and …

We examine the US stock market reaction to the World Health Organization's announcement
declaring COVID-19 a global health emergency, with a focus on firms' international …

Green bonds, a new green financial instrument, encourage enterprises to achieve high-
quality development through green technology innovation. However, a lack of research is …

This paper studies whether and how mandatory nonfinancial disclosure affects firms' real
decisions. I exploit a disclosure regulation enacted in California, which mandates that firms …

We study the real effects of environmental activist investing. Using plant-level data, we find
that targeted firms reduce their toxic releases, greenhouse gas emissions, and cancer …

With the sustained expansion of energy demand, the energy crisis gradually become the
core concern of society. Improving energy efficiency (EE) is crucial for saving energy and …

This paper describes the current state of natural language processing (NLP) as it applies to
corporate reporting. We document dramatic increases in the quantity of verbal content that is …

We study the financial implications of the 2018–2019 US-China trade war for global supply
chains. Around the dates when higher tariffs are announced, US firms that depend more on …