Measuring firm-level manager risk perception

被引：0

作者：

He, Yu ^{[1
]}

Liu, Zhenya ^{[2
]}

Lu, Shanglin ^{[3
]}

Wei, Ran ^{[4
]}

机构：

[1] China Univ Geosci Beijing, Sch Econ & Management, Beijing 100083, Peoples R China

[2] Normandie Business Sch, Metis Lab, Paris, France

[3] Univ Int Business & Econ, China Sch Banking & Finance, Beijing 100029, Peoples R China

[4] Minist Agr & Rural Affairs, Res Ctr Rural Econ, Beijing 100810, Peoples R China

来源：

FINANCE RESEARCH LETTERS | 2024年 / 69卷

基金：

中国国家自然科学基金;

关键词：

Risk perception; Investment; Dictionary method; Word2Vec;

D O I：

10.1016/j.frl.2024.106130

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Using textual analysis of Chinese listed firms' filings, we construct a new firm-level measure of manager risk perception. The measure identifies the extent of risk perceived by managers. We validate our measure by showing that it varies over time and across industries, correlates with aggregate economic policy uncertainty and firm-level stock return volatility, and relates crosssectionally with firm characteristics. Managers with higher risk perception leads to a lower level of firm investment.

引用

页数：9

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