Search Results
How Important Is Instructional Spending to College Students’ Future Earnings?
Do colleges that invest more in instructional spending—on faculty, libraries, science labs—offer an education that translates into higher earnings for students?
AI Hype or Reality? Shifts in Corporate Investment after ChatGPT
An analysis of earnings calls shows a sharp rise in AI-related chatter among U.S. corporate executives. But this increase doesn’t appear to be matched by a similar rise in capital and R&D spending.
AI Optimism and Uncertainty: What Can Earnings Calls Tell Us Post-ChatGPT?
An analysis of earnings calls shows that America’s corporate leaders are talking much more about AI. It also reveals an increase in perceived risk in this new technology.
Industry-Level Growth, AI Use and the U.S. Postpandemic Recovery
Industries with higher percentages of college-educated workers and those with more prevalent AI use tended to see higher productivity growth in recent years.
Profit Shifting in the 21st Century: Multinationals’ Use of Intrafirm Patent Transfers
An analysis indicates that a high percentage of U.S. patents that shifted to tax havens like Bermuda are intrafirm transfers. Such transfers may be a tax avoidance strategy by multinationals.
Journal Article
Real-Time Discovery of Corporate Risks
We propose a new methodology to discover emerging corporate risks in real time by analyzing the text of quarterly earnings conference calls from 2008 to 2025. Our approach identifies bigrams (two-word phrases) within risk-related sentences whose usage surges significantly and then groups them into thematic topics. The method successfully recovers a timeline of major economic events, from the credit crisis in 2008 to macroeconomic and tariff uncertainty in 2025. We find that firms manage these risks differently. While macroeconomic uncertainty is associated with reductions in investment and ...